When good intentions go wrong: Effects of bank deregulation and governance on risk taking

Manuel Illueca, Lars Norden, Gregory F Udell 26 June 2013

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The motivation of economic liberalisation is to foster competition in order to increase allocative efficiency, economic growth and social welfare. This paradigm hinges on the assumption that firms maximise value and that more competitors in a market automatically leads to more competition.

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Topics:  Europe's nations and regions International finance

Tags:  Spain, liberalisation, banking

Global imbalances: What role for the WTO?

Juan A. Marchetti, Michele Ruta, Robert Teh 02 January 2013

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The world witnessed a large build-up of current account and merchandise trade imbalances, both in absolute and relative terms, prior to the global financial and economic crisis (see Table 1 and Figure 1). Current account/merchandise trade surpluses were most pronounced among the East Asian economies (e.g. China), oil exporters (e.g. Saudi Arabia) and the ‘core’ Eurozone countries (e.g. Germany). The US and the Eurozone periphery countries had large and persistent deficits. While imbalances contracted after the crisis, they remained large both in absolute terms and in relation to GDP.

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Topics:  International trade

Tags:  WTO, trade, liberalisation, current account imbalances

Trade and inequality: From theory to estimation

Oleg Itskhoki, Marc Muendler, Stephen Redding, Elhanan Helpman 20 May 2012

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Until recently, research on the labour market effects of international trade has been heavily influenced by traditional theories such as the Heckscher-Ohlin and Specific Factors models. Those theories provide predictions about relative wages across skill groups or across occupations and sectors. In contrast to predictions of those theories, empirical studies find increased wage inequality in both developed and developing countries, growing residual wage dispersion among workers with similar observed characteristics, and increased wage dispersion across plants and firms within sectors.

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Topics:  International trade Poverty and income inequality

Tags:  Inequality, trade, liberalisation, Brazil

Regulatory reform in services sectors: The missing explanation for the revival of Indian manufacturing?

Jens Matthias Arnold, Beata Javorcik, Molly Lipscomb, Aaditya Mattoo 12 October 2010

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A vital element of India’s rapid economic growth since the early 1990s has been the impressive performance of its manufacturing industries. Output in manufacturing grew by 5.7% per year in the period 1993-2005, while exports grew at almost twice that rate (Reserve Bank of India 2008). The conventional explanations for the revival of Indian manufacturing point to policy reforms in manufacturing industries, such as tariff liberalisation and the dismantling of the “license raj” (Aghion et. al. 2005, 2008), and limited labour market reforms (Besley and Burgess 2004).

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Topics:  Development International trade

Tags:  India, international trade, liberalisation, services

The transformation of India: Incumbent control, reforms, and newcomers

Laura Alfaro, Anusha Chari 12 December 2009

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The end of the license Raj and implementation of pro-market reforms in the 1980s and 1990s had far-reaching implications for India’s industrial structure. Significant sectors of the economy were opened up to private participation through industrial de-licensing and de-reservation measures. India began to integrate into the world economy as import licensing was abolished in many sectors, import duties were sharply reduced, and many restrictions on FDI were lifted.

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Topics:  Development

Tags:  India, liberalisation, firms

Now is the time to reduce international trade and migration barriers

Kym Anderson, L Alan Winters 21 April 2008

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In June 1930 the Smoot-Hawley tariff act in the US turned a stock market collapse into a crippling, decade-long Great Depression. Now, with a financial meltdown going on, is therefore NOT the time for politicians to be more protectionist. Yet last year the European Union dropped the principle of "free and undistorted competition" from its Lisbon treaty, and this year US presidential hopefuls Barack Obama and Hillary Clinton are muttering negatively about liberal trade and migration.

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Topics:  International trade Migration

Tags:  Doha Round, protection, migration barriers, liberalisation, trade negotiations, subsidies