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  • Mattoo, Aaditya  (13)
  • Schmukler, Sergio L.  (8)
  • Washington, D.C : The World Bank  (21)
  • Private Sector Development  (21)
  • 1
    Online Resource
    Online Resource
    Is US Trade Policy Reshaping Global Supply Chains? (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (30 pages)
    Parallel Title: Erscheint auch als Freund, Caroline Is US Trade Policy Reshaping Global Supply Chains?
    Keywords: 10-Digit Us Import Data ; Bilateral Trade Decoupling ; China Supply Chains ; Diversification ; Global Value Chains ; Global Value Chains and Business Clustering ; International Economics and Trade ; Private Sector Development ; Reshoring ; Tariffs ; Trade Policy
    Abstract: This paper examines the reshaping of supply chains using detailed US 10-digit import data (tariff-line level) between 2017 and 2022. The results show that while US-China decoupling in bilateral trade is real, supply chains remain intertwined with China. Over the period, China's share of US imports fell from 22 to 16 percent. The paper shows that the decline is due to US tariffs. US imports from China are being replaced with imports from large developing countries with revealed comparative advantage in a product. Countries replacing China tend to be deeply integrated into China's supply chains and are experiencing faster import growth from China, especially in strategic industries. Put differently, to displace China on the export side, countries must embrace China's supply chains. Within products, the reorientation of trade is consistent with a "China + 1" strategy, as opposed to diversified sourcing across multiple countries. There is some evidence of nearshoring, but it is exclusive to border nations, and there is no consistent evidence of reshoring. Despite the significant reshaping, China remained the top supplier of imported goods to the US in 2022
    DOI: 10.1596/1813-9450-10593
    URL: Deutschlandweit zugänglich
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  • 2
    Online Resource
    Online Resource
    The Internationalization of China's Equity Markets (2023)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: 1 Online-Ressource (66 pages)
    Parallel Title: Erscheint auch als Cortina, Juan J The Internationalization of China's Equity Markets
    Keywords: Emerging Markets ; Equity Financing ; Equity Issuance Activity ; Equity Market Liberalization ; Firm Investment ; Foreign Direct Investment ; Foreign Investors ; International Economics and Trade ; International Investors ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Stock Connect
    Abstract: The internationalization of China's equity markets started in the early 2000s but accelerated after 2012, when Chinese firms' shares listed in Shanghai and Shenzhen gradually became available to international investors. This paper documents the effects of the post-2012 internationalization events by comparing the evolution of equity financing and investment activities for (i) domestic listed firms relative to firms that already had access to international investors and (ii) domestic listed firms that were directly connected to international markets relative to those that were not. The paper shows significant increases in financial and investment activities for domestic listed firms and connected firms, with sizable aggregate effects. The evidence also suggests that the rise in firms' equity issuances was primarily and initially financed by domestic investors. Foreign ownership of Chinese firms increased once the locally issued shares became part of the Morgan Stanley Capital International (MSCI) Emerging Markets Index in 2018
    DOI: 10.1596/1813-9450-10513
    URL: Deutschlandweit zugänglich
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  • 3
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    Latin America and the Rising South : Changing World, Changing Priorities (2015)
    Washington, D.C : The World Bank
    Details
    ISBN: 9781464803567
    Language: English
    Pages: Online-Ressource (1 online resource (248 p.))
    Edition: Online-Ausg.
    Series Statement: Latin America and Caribbean Studies
    Series Statement: World Bank E-Library Archive
    Parallel Title: Druckausg. Latin America and the rising South
    DDC: 332.098
    RVK:
    QG 630
    Keywords: Entwicklung ; Wirtschaftswachstum ; Wirtschaftslage ; Lateinamerika ; Karibischer Raum ; Wirtschaftliche Integration ; Weltwirtschaft ; Sozioökonomischer Wandel ; Süden ; Emerging Market ; Wirtschaftswachstum ; Außenhandel ; Finanzwirtschaft ; Investition ; domestic savings ; FDI ; Financial integration ; Foreign direct investment ; Global financial network ; Global trade network ; Global value chains ; Globalization ; International Economics and Trade ; Labor market dynamics ; Macroeconomics and Economic Growth ; Private Sector Development ; Real exchange rate dynamics ; Rise of the south ; Trade Integration ; Trade structure ; Erde ; Lateinamerika
    Abstract: The world economy is not what it used to be twenty years ago. For most of the 20th century, the world economy was characterized by developed (North) countries acting as 'center' to a 'periphery' of developing (South) countries. However, the recent rise of developing economies suggests the need to go beyond this North-South dichotomy. This tectonic re-configuration of the global landscape has brought about significant changes to countries in the Latin America and Caribean (LAC) region. The time is ripe for an in-depth analysis of the dynamics and nature of LAC's external connections.This latest volume in the World Bank Latin American and Caribbean Studies series will focus on the implications of these trends for the economic development of LAC countries. In particular, trade, financial, macroeconomic, and sectoral shifts, as well as labor-market aspects will be systematically analyzed
    Note: Description based on print version record
    DOI: 10.1596/978-1-4648-0355-0
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  • 4
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    Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (28 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Regulatory Cooperation, Aid For Trade And The General Agreement On Trade In Services
    Keywords: Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade ; Banks and Banking Reform ; Best Market ; Business Practice ; Developing Countries ; Economic Theory and Research ; Emerging Markets ; Free Trade ; Growth Rate ; International Cooperation ; International Economics & Trade ; Liberalization ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Regulators ; Technological Change ; Trade and Services ; World Trade
    Abstract: This paper discusses what could be done to expand services trade and investment through a multilateral agreement in the World Trade Organization. A distinction is made between market access liberalization and the regulatory preconditions for benefiting from market opening. The authors argue that prospects for multilateral services liberalization would be enhanced by making national treatment the objective of World Trade Organization services negotiations, thereby clarifying the scope of World Trade Organization commitments for regulators. Moreover, liberalization by smaller and poorer members of the World Trade Organization would be facilitated by complementary actions to strengthen regulatory capacity. If pursued as part of the operationalization of the World Trade Organization's 2006 Aid for Trade taskforce report, the World Trade Organization could become more relevant in promoting not just services liberalization but, more importantly, domestic reforms of services policies
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  • 5
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    Services Trade And Growth (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Hoekman, Bernard Services Trade And Growth
    Keywords: Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning ; Banks and Banking Reform ; Comparative Advantage ; Competitiveness ; Economic Growth ; Economic Theory and Research ; Emerging Markets ; GDP ; ICT Policy and Strategies ; Information and Communication Technologies ; Macroeconomics and Economic Growth ; National Income ; Open Economies ; Per Capita Income ; Private Sector Development ; Productivity ; Structural Change ; Telecommunications ; Transport ; Transport Economics, Policy and Planning
    Abstract: The competitiveness of firms in open economies is increasingly determined by access to low-cost and high-quality producer services - telecommunications, transport and distribution services, financial intermediation, etc. This paper discusses the role of services in economic growth, focusing in particular on channels through which openness to trade in services may increase productivity at the level of the economy as a whole, industries and the firm. The authors explore what recent empirical work suggests could be done to enhance comparative advantage in the production and export of services and how to design policy reforms to open services markets to greater foreign participation in a way that ensures not just greater efficiency but also greater equity in terms of access to services
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  • 6
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    Currency Undervaluation And Sovereign Wealth Funds : A New Role For The World Trade Organization (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (31 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Currency Undervaluation And Sovereign Wealth Funds
    Keywords: Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade ; Access to Finance ; Bankruptcy and Resolution of Financial Distress ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Enforcement ; Exchange ; Exchange rate ; Exchange rates ; Finance and Financial Sector Development ; Free Trade ; Government action ; Interest ; International Economics & Trade ; Investments ; Law and Development ; Macroeconomics and Economic Growth ; Private Sector Development ; Subsidies ; Trade Law ; World trade
    Abstract: Two aspects of global imbalances - undervalued exchange rates and sovereign wealth funds - require a multilateral response. For reasons of inadequate leverage and eroding legitimacy, the International Monetary Fund has not been effective in dealing with undervalued exchange rates. This paper proposes new rules in the World Trade Organization to discipline cases of significant undervaluation that are clearly attributable to government action. The rationale for WTO involvement is that there are large trade consequences of undervalued exchange rates, which act as both import tariffs and export subsidies, and that the WTO's enforcement mechanism is credible and effective. The World Trade Organization would not be involved in exchange rate management, and would not displace the International Monetary Fund. Rather, the authors suggest ways to harness the comparative advantage of the two institutions, with the International Monetary Fund providing the essential technical expertise in the World Trade Organization's enforcement process. There is a bargain to be struck between countries with sovereign wealth funds, which want secure and liberal access for their capital, and capital-importing countries, which have concerns about the objectives and operations of sovereign wealth funds. The World Trade Organization is the natural place to strike this bargain. Its General Agreement on Trade in Services, already covers investments by sovereign wealth funds, and other agreements offer a precedent for designing disciplines for these funds. Placing exchange rates and sovereign wealth funds on the trade negotiating agenda may help revive the Doha Round by rekindling the interest of a wide variety of groups
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  • 7
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    Emerging Market Liquidity And Crises (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (23 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Yeyati, Eduardo Levy Emerging Market Liquidity And Crises
    Keywords: Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs ; Bid ; Debt Markets ; Emerging Economies ; Emerging Market ; Emerging Markets ; Finance and Financial Sector Development ; Illiquidity ; Levy ; Macroeconomics and Economic Growth ; Market Liquidity ; Markets and Market Access ; Mutual Funds ; Portfolio ; Private Sector Development ; Securities ; Trading ; Trading Costs
    Abstract: Whereas conventional wisdom argues that markets shut down during crises, with sellers struggling to find buyers, we find that markets continue to operate during financial turmoil, even in narrow and volatile emerging economies. Simple event studies indicate that both trading volume and trading costs increase in crisis times. Prices change more with each dollar transacted (pushing the Amihud illiquidity measure up) and bid-ask spreads widen. More generally, econometric estimates show that large price downturns, typical of crises, are associated with higher trading activity and increased trading costs, with trading activity declining only later as crises progress. Thus, while trading activity tends to be negatively related to trading costs during tranquil times (and across securities), this relation appears to break down during crises. These results are consistent with the analytical literature on portfolio rebalancing by heterogeneous agents in times of crises
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  • 8
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    Human Capital And The Changing Structure of The Indian Economy (2008)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (34 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Amin, Mohammad Human Capital And The Changing Structure of The Indian Economy
    DDC: 330
    RVK:
    QG 830
    Keywords: Agriculture ; Development Economics ; Development policy ; E-Business ; Econometric analysis ; Economic Theory and Research ; Economics Research ; GDP ; GDP per capita ; Health, Nutrition and Population ; Human Capital ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity growth ; Transport ; Transport Economics, Policy and Planning ; Value added ; Agriculture ; Development Economics ; Development policy ; E-Business ; Econometric analysis ; Economic Theory and Research ; Economics Research ; GDP ; GDP per capita ; Health, Nutrition and Population ; Human Capital ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity growth ; Transport ; Transport Economics, Policy and Planning ; Value added ; Agriculture ; Development Economics ; Development policy ; E-Business ; Econometric analysis ; Economic Theory and Research ; Economics Research ; GDP ; GDP per capita ; Health, Nutrition and Population ; Human Capital ; Macroeconomics and Economic Growth ; Population Policies ; Poverty Reduction ; Private Sector Development ; Pro-Poor Growth ; Productivity growth ; Transport ; Transport Economics, Policy and Planning ; Value added
    Abstract: Using panel data for the fourteen major states of India over the 1980-2000 period, the authors estimate the effect of human capital endowment on the performance of the state economies. They find that greater availability of skilled workers had a positive and significant impact on output in the service sectors. They do not find any such effect for the manufacturing sectors. The paper shows that the differential effect on services and manufacturing arises because service sectors are more skill intensive
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  • 9
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    The International Financial Integration of China And India (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (55 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Lane, Philip R The International Financial Integration of China And India
    Keywords: Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development ; Balance Sheets ; Bank Policy ; Borrowers ; Capital Flows ; Currencies and Exchange Rates ; Debt ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Exchange ; Exchange Rate ; External Assets ; Finance and Financial Sector Development ; Financial Developments ; Financial Liberalization ; Financial Literacy ; Holdings ; Investment and Investment Climate ; Macroeconomics and Economic Growth ; Private Sector Development
    Abstract: Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's foreign direct investment liabilities), these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are "short equity, long debt." Third, China and India have improved their net external positions over the past decade although, based on their income level, neoclassical models would predict them to be net borrowers. Domestic financial developments and policies seem essential in understanding these patterns of integration. These include financial liberalization and exchange rate policies, domestic financial sector policies, and the impact of financial reform on savings and investment rates. Changes in these factors will affect the international financial integration of China and India (through shifts in capital flows and asset and liability holdings) and, consequently, the international financial system
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  • 10
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    Capital Market Development : Whither Latin America ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (27 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Capital Market Development
    Keywords: Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Bond ; Bond Market ; Bond Market Development ; Capital Market ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Debt Markets ; Domestic Capital ; Domestic Capital Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster capital market development. Latin American countries were at the forefront of this process. The authors analyze where Latin American capital markets stand after these reforms. They find that despite the intense reform effort, capital markets in Latin America remain underdeveloped relative to markets in other regions. Furthermore, stock markets are below what can be expected, given Latin America's economic and institutional fundamentals. The authors discuss alternative ways of interpreting this evidence. They argue that it is difficult to pinpoint which policies Latin American countries should pursue to overcome their poor capital market development. Moreover, they argue that expectations about the outcome of the reform process may need to be revisited to take into account intrinsic characteristics of emerging economies. The latter may limit the scope for developing deep domestic capital markets in a context of international financial integration
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  • 11
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    Stock Market Development Under Globalization : Whither The Gains From Reforms ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Schmukler, Sergio L Stock Market Development Under Globalization
    Keywords: Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development ; Bank Policy ; Capital Market Development ; Capital Market Reforms ; Capital Markets ; Capital Raising ; Debt Markets ; Domestic Capital ; Domestic Capital Market ; Domestic Market ; Domestic Markets ; Emerging Markets ; Equity ; Finance and Financial Sector Development ; Macroeconomics and Economic Growth ; Markets and Market Access ; Private Sector Development
    Abstract: Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets
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  • 12
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    Innovative Experiences In Access To Finance : Market Friendly Roles For The Visible Hand ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (82 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: de la Torre, Augusto Innovative Experiences In Access To Finance
    Keywords: Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost ; Access to Finance ; Banks and Banking Reform ; Credit Guarantee ; Debt Markets ; Emerging Markets ; Environment ; Environmental Economics and Policies ; Finance and Financial Sector Development ; Financial development ; Financial markets ; International Bank ; Investment projects ; Market Infrastructure ; Private Sector Development ; Public banks ; Return ; Transaction ; Transaction Cost
    Abstract: Interest in access to finance has increased significantly in recent years, as growing evidence suggests that lack of access to credit prevents lower-income households and small firms from financing high return investment projects, having an adverse effect on growth and poverty alleviation. This study describes some recent innovative experiences to broaden access to credit. These experiences are consistent with an emerging new view that recognizes a limited role for the public sector in financial markets, but contends that there might be room for well-designed, restricted interventions in collaboration with the private sector to foster financial development and broaden access. The authors illustrate this view with several recent experiences in Latin America and then discuss some open policy questions about the role of the public and private sectors in driving these financial innovations
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  • 13
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    International Financial Integration Through Equity Markets : Which Firms From Which Countries Go Global ? (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (49 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Claessens, Stijn International Financial Integration Through Equity Markets
    Keywords: Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises ; Access To Capital ; Bank Policy ; Budget ; Capital Markets ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Equity ; Equity Markets ; Exchange ; Finance ; Finance and Financial Sector Development ; Financial Literacy ; Financial Markets ; Financial Support ; Globalization ; International Economy ; Macroeconomics and Economic Growth ; Markets and Market Access ; Microfinance ; Private Sector Development ; Small Scale Enterprises
    Abstract: The authors study international financial integration analyzing firms from various countries raising capital, trading equity, and cross-listing in major world stock markets. Using a large sample of 39,517 firms from 111 countries covering the period 1989-2000, they find that, although international financial integration increases substantially over this period, only relatively few countries and firms actively participate in international markets. Firms more likely to internationalize are from larger and more open economies, with higher income, better macroeconomic policies, and worse institutional environments. These firms tend to be larger, grow faster, and have higher returns and more foreign sales. While changes occur with internationalization, these firm attributes are present before internationalization takes place. The results suggest that international financial integration will likely remain constrained by country and firm characteristics
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  • 14
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    Does Services Liberalization Benefit Manufacturing Firms ? : Evidence From The Czech Republic (2007)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Arnold, Jens Does Services Liberalization Benefit Manufacturing Firms ?
    Keywords: Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Bank ; Banking ; Banks ; Banks and Banking Reform ; Credit Enterprises ; Debt Markets ; E-Business ; Economic Theory and Research ; Education ; Education for the Knowledge ; Emerging Markets ; Equilibrium Models ; Finance ; Finance and Financial Sector Development ; Foreign Entry ; Governments ; Industry ; Infrastructure ; Insurance ; Knowledge Economy ; Labor ; Macroeconomics and Economic Growth ; Markets ; Operations ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: While there is considerable empirical evidence on the impact of liberalizing trade in goods, the effects of services liberalization have not been empirically established. Using firm-level data from the Czech Republic for the period 1998-2003, this study examines the link between services sector reforms and the productivity of domestic firms in downstream manufacturing. Several aspects of services reform are considered and measured, namely, the increased presence of foreign providers, privatization, and enhanced competition. The manufacturing-services linkage is measured using information on the degree to which manufacturing firms in a particular industry rely on intermediate inputs from specific services sectors. The econometric results lead to two conclusions. First, the study finds that services policy matters for the productivity of manufacturing firms relying on services inputs. This finding is robust to several econometric specifications, including controlling for unobservable firm heterogeneity and for other aspects of openness. Second, it finds evidence that opening services sectors to foreign providers is a key channel through which services liberalization contributes to improved performance of downstream manufacturing sectors. This finding is robust to instrumenting for the extent of foreign presence in services industries. As most barriers to foreign investment today are not in goods but in services sectors, the findings may strengthen the argument for reform in this area
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  • 15
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    Services Inputs And Firm Productivity In Sub-Saharan Africa : Evidence From Firm-Level Data (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (16 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Arnold, Jens Matthias Services Inputs And Firm Productivity In Sub-Saharan Africa
    Keywords: Access To Services ; Communications ; Data ; E-Business ; Economic Activities ; Economic Theory and Research ; Electricity ; Electronic Delivery ; Enterprise Survey ; Enterprise Surveys ; Export Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Services ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Access To Services ; Communications ; Data ; E-Business ; Economic Activities ; Economic Theory and Research ; Electricity ; Electronic Delivery ; Enterprise Survey ; Enterprise Surveys ; Export Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Services ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development ; Access To Services ; Communications ; Data ; E-Business ; Economic Activities ; Economic Theory and Research ; Electricity ; Electronic Delivery ; Enterprise Survey ; Enterprise Surveys ; Export Markets ; Finance and Financial Sector Development ; Financial Literacy ; Financial Services ; Macroeconomics and Economic Growth ; Microfinance ; Private Sector Development
    Abstract: The authors investigate the relationship between the productivity of African manufacturing firms and their access to services inputs. They use data from the World Bank Enterprise Survey for over 1,000 firms in 10 Sub-Saharan African countries to calculate the total factor productivity of firms. The Enterprise Surveys also contain unique measures of firms' access to communications, electricity, and financial services. The availability of these measures at the firm level, both as subjective and objective indicators, allows the authors to exploit the variation in services performance at the subnational regional level. Furthermore, by using the regional variation in services performance, they are also able to address concerns about the possible endogeneity of the services variables. The results show a significant and positive relationship between firm productivity and service performance in all three services sectors analyzed. The authors thus provide support for the argument that improvements in services industries contribute to enhancing the performance of downstream economic activities, and thus are an essential element of a strategy for promoting growth and reducing poverty
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  • 16
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    Do Institutions Matter More For Services ? (2006)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (43 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Amin, Mohammad Do Institutions Matter More For Services ?
    Keywords: Accountability ; Bank ; Bribe ; Children and Youth ; Civil Law ; Corruption ; Corruption and Anticorruption Law ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Governance ; Government ; Judicial Independence ; Labor Policies ; Law and Development ; Laws ; Legal Framework ; Legal Frameworks ; Legal Products ; Macroeconomics and Economic Growth ; Medium ; Police ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Accountability ; Bank ; Bribe ; Children and Youth ; Civil Law ; Corruption ; Corruption and Anticorruption Law ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Governance ; Government ; Judicial Independence ; Labor Policies ; Law and Development ; Laws ; Legal Framework ; Legal Frameworks ; Legal Products ; Macroeconomics and Economic Growth ; Medium ; Police ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor ; Accountability ; Bank ; Bribe ; Children and Youth ; Civil Law ; Corruption ; Corruption and Anticorruption Law ; E-Business ; Economic Theory and Research ; Finance and Financial Sector Development ; Gender ; Gender and Law ; Governance ; Government ; Judicial Independence ; Labor Policies ; Law and Development ; Laws ; Legal Framework ; Legal Frameworks ; Legal Products ; Macroeconomics and Economic Growth ; Medium ; Police ; Private Sector Development ; Public Sector Corruption and Anticorruption Measures ; Social Protections and Labor
    Abstract: Recent empirical research has focused on the role of institutions in overall economic performance. This paper examines the impact of institutions on the relative performance of the service sector. Through cross-country level and growth regressions it establishes the following stylized fact: countries with better institutions have relatively larger and more dynamic service sectors. It suggests that regulatory and contract enforcing institutions play a key role in the development of service sectors because these sectors enter into a more complex web of transactions with the rest of the economy and are more prone to market failure due to asymmetric information
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  • 17
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    Regional Agreements and Trade in Services (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Regional Agreements and Trade in Services
    Keywords: Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services ; Benefits ; Choice ; Competition ; Competitive Advantage ; Competitive Markets ; Consumer Choice ; Consumers ; Costs ; Debt Markets ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Free Trade ; Goods ; International Economics & Trade ; Law and Development ; Macroeconomics and Economic Growth ; Markets ; Markets and Market Access ; National Income ; Private Sector Development ; Production ; Public Sector Corruption ; Public Sector Development ; Trade Law ; Trade and Regional Integration ; Trade and Services
    Abstract: Every major regional trade agreement now has a services dimension. Is trade in services so different that there is need to modify the conclusions on preferential agreements pertaining to goods reached so far? Mattoo and Fink first examine the implications of unilateral policy choices in a particular services market. They then explore the economics of international cooperation and identify the circumstances in which a country is more likely to benefit from cooperation in a regional rather than multilateral forum. This paper--a product of Trade, Development Research Group--is part of a larger effort in the group to assess the implications of liberalizing trade in services. The authors may be contacted at amattooworldbank.org or cfink@worldbank.org
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  • 18
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    China's Accession to the World Trade Organization : The Services Dimension (2002)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (36 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya China's Accession to the World Trade Organization
    Keywords: World Trade Organization ; General Agreement on Trade in Services ; Service industries Government policy ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; Air ; Air Transport ; Airports ; Aviation Sector ; Costs ; Debt Markets ; E-Business ; Economic Theory and Research ; Economies of Scale ; Education ; Emerging Markets ; Finance and Financial Sector Development ; Financial Literacy ; Fixed Costs ; Freight ; ICT Policy and Strategies ; Information and Communication Technologies ; International Economics & Trade ; Investments ; Knowledge ; Macroeconomics and Economic Growth ; Maritime Transport ; Multimodal Transport ; Policies ; Private Sector Development ; Rates ; Trade and Services ; Transport ; Transport Economics, Policy and Planning ; China Commercial policy
    Abstract: China's General Agreement on Trade in Services (GATS) commitments represent the most radical services reform program negotiated in the World Trade Organization. China has promised to eliminate over the next few years most restrictions on foreign entry and ownership, as well as most forms of discrimination against foreign firms. These changes are in themselves desirable. However, realizing the gains from, and perhaps even the sustainability of, liberalization will require the implementation of complementary regulatory reform and the appropriate sequencing of reforms. Three issues, in particular, merit attention: • Initial restrictions on the geographical scope of services liberalization could encourage the further agglomeration of economic activity in certain regions—to an extent that is unlikely to be reversed completely by subsequent countrywide liberalization. • Restrictions on foreign ownership (temporary in most sectors but more durable in telecommunications and life insurance) may dampen the incentives of foreign investors to improve firm performance. • Improved prudential regulation and measures to deal with the large burden of nonperforming loans on state banks are necessary to deliver the benefits of liberalization in financial services. And in basic telecommunications and other network-based services, meaningful liberalization will be difficult to achieve without strengthened pro-competitive regulation. This paper—a product of Trade, Development Research Group—is part of a larger effort in the group to assess the implications of services trade reform. This research is supported in part by the U.K. Department for International Development
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  • 19
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    Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations? (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (38 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Should Credit Be Given for Autonomous Liberalization in Multilateral Trade Negotiations?
    Keywords: Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization ; Currencies and Exchange Rates ; Currency ; Debt Markets ; Dispute Settlement ; Economic Theory and Research ; Emerging Markets ; Finance and Financial Sector Development ; Free Trade ; Insurance and Risk Mitigation ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Multilateral Liberalization ; Multilateral Negotiations ; Private Sector Development ; Public Sector Development ; Reciprocal Concessions ; Tariff ; Tariff Reductions ; Tariff Schedule ; Tariffs ; Terms Of Trade ; Terms Of Trade Loss ; Trade ; Trade Liberalization ; Trade Negotiations ; Trade Policy ; Trade Policy ; Unilateral Liberalization ; Unilateral Reduction ; Unilateral Tariff Reduction ; World Trade ; World Trade Organization
    Abstract: June 2000 - As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for previous unilateral liberalization. The feasibility and desirability of such a rule depend on when it is instituted. As each new round of multilateral trade negotiations approaches, there is a demand for a negotiating rule that would give credit for autonomous (unilateral) liberalization. Mattoo and Olarreaga show that the feasibility and desirability of such a rule depend on when it is instituted. A credit rule established at the beginning of a round of negotiations has a primarily distributional effect, favoring those who have already undertaken liberalization. Implementing such a rule would depend on the generosity of those who have not liberalized. The authors propose instead establishing a credit rule at the end of a round of negotiations, which creates an ex ante assurance that any unilateral liberalization will receive credit in the next round. Such a rule would help induce or enhance liberalization in some countries between negotiating rounds by reducing the gains from retaining protection as negotiating currency. More strikingly, it could also lead to deeper levels of multilateral liberalization and induce other countries to go further than they would in the absence of a rule. Most important, such an ex ante rule would not rely on altruism to be generally acceptable. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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  • 20
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    Reciprocity across Modes of Supply in the World Trade Organization : A Negotiating Formula (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (24 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Reciprocity across Modes of Supply in the World Trade Organization
    Keywords: Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization ; Agreement On Trade ; Border Trade ; Comparative Advantage ; Concessions ; Economic Theory and Research ; Emerging Markets ; Foreign Labor ; Foreign Markets ; Free Trade ; International Economics & Trade ; International Trade and Trade Rules ; Macroeconomics and Economic Growth ; Market Access ; Private Sector Development ; Public Sector Development ; Reciprocal Reduction ; Reciprocity ; Tariff ; Tariff Reduction ; Terms Of Trade ; Terms Of Trade Effects ; Trade Effect ; Trade Negotiations ; Trade Policy ; Trade Policy ; Trade and Services ; Volume Of Trade ; Welfare Gains ; World Trade ; World Trade Organization
    Abstract: June 2000 - If negotiations on trade in services at the World Trade Organization are to advance liberalization beyond levels undertaken unilaterally and lead to more balanced outcomes, reciprocity must play a greater role in negotiations. This may be facilitated by the use of negotiating rules that establish credible links across sectors and modes of delivery. Negotiations on trade in services at the World Trade Organization (WTO) have so far produced little liberalization beyond levels countries have undertaken unilaterally. One reason: limited application of the traditional negotiating principle of reciprocity. In particular, participants have failed to exploit the scope of the services agreement (GATS) for the exchange of market-access concessions across different modes of supply - cross-border delivery and the movement of capital and workers. Using the Heckscher-Ohlin-Vanek framework, Mattoo and Olarreaga propose a negotiating formula that generalizes the fundamental WTO principle of reciprocity to include alternative modes of delivery. Adoption of this formula as a basis for negotiations could bring greater commitments to liberalization on all modes of delivery, producing substantial gains in global welfare and more balanced outcomes. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to improve trade policy in goods and services. The authors may be contacted at amattooworldbank.org or molarreaga@worldbank.org
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  • 21
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    Trade Policies for Electronic Commerce (1999)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (1 online resource (32 p.))
    Edition: Online-Ausg. World Bank E-Library Archive
    Parallel Title: Mattoo, Aaditya Trade Policies for Electronic Commerce
    Keywords: Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization ; Commodities ; Cross-Border Trade ; Customs ; Customs Duties ; Debt Markets ; E-Business ; Economic Theory and Research ; Electronic Commerce ; Emerging Markets ; European Union ; Finance and Financial Sector Development ; Financial Services ; Free Trade ; Free Trade ; Importing Country ; International Economics & Trade ; International Trade ; Law and Development ; Macroeconomics and Economic Growth ; Market Access ; National Treatment ; Preferential Trading Arrangements ; Preferential Treatment ; Private Sector Development ; Public Sector Development ; Recourse ; Tariff Reductions ; Trade ; Trade Diversion ; Trade Law ; Trade Policies ; Trade Policy ; Trade Regime ; Trade and Services ; Transport ; Transport and Trade Logistics ; World Trade Organization
    Abstract: June 2000 - Members of the World Trade Organization have decided provisionally to exempt electronic delivery of products from customs duties. There is growing support for the decision to be made permanent. Is this desirable? Some countries in the World Trade Organization initially opposed WTO's decision to exempt electronic delivery of products from customs duties, out of concern for the revenue consequences. Others supported the decision as a means of securing open trading conditions. Mattoo and Schuknecht argue that neither the inhibitions nor the enthusiasm are fully justified. First, even if all delivery of digitizable media products moved online - an unlikely prospect - the revenue loss for most countries would be small. More important, however, the prohibition of customs duties does not ensure continued open access for electronically delivered products and may even prompt recourse to inferior instruments of protection. Barrier-free electronic commerce would be more effectively secured by deepening and widening the limited cross-border trade commitments under the General Agreement on Trade in Services (GATS) and by clarifying and strengthening certain GATS disciplines. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to improve trade policy for goods and services. It is part of a larger project on trade in services supported in part by the United Kingdom's Department for International Development. Aaditya Mattoo may be contacted at amattooworldbank.org
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