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The Global Trade Slowdown
This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.
The Political Economy of the World Trading System
The Political Economy of the World Trading System is a comprehensive textbook account of the economics, institutional mechanics and politics of the world trading system. This third edition has been expanded and updated to cover developments in the World Trade Organisation (WTO) since its formation, including the Doha Round, presenting the essentials of trade negotiations and the WTO's rules and disciplines. The authors focus in particular on the WTO's role as the primary organisation through which trading nations manage their commercial interactions and the focal point for cooperation on policy responses to the rapidly changing global trading environment. It is the forum in which many featur...
Trade in the 21st Century
Despite troubled trade negotiations, global trade—and trade policy—will thrive in the twenty-first century, but with a bow to the past. Is the multilateral trading order of the twentieth century a historical artifact? Was the creation of the World Trade Organization in 1995 the high point of multilateral cooperation on trade? This new volume, edited by Bernard M. Hoekman and Ernesto Zedillo, assesses the relevance of the WTO in the context of the rise of China and the United States' turn toward unilateral protectionism. The contributors adopt a historical perspective to discuss changes in global trade policy trends, adducing lessons from the past to help understand current trade tensions...
Behind-the-Border Policies
Provides a contemporary overview of key issues related to non-tariff trade policy measures and domestic regulation.
World Trade Organization (WTO)
The World Trade Organization (WTO) is one of the most important international organizations in existence today. It contains a set of disciplines that affect the ability of governments to impose trade restrictions, and has helped to support the steady expansion of international trade since the 1950s. It is a unique organization in providing a framework for member states to make binding policy commitments that are enforced through a unique dispute settlement system and a variety of transparency mechanisms. Despite – or because of – its success, the WTO has recently become the focus of vociferous protests by anti-globalization activists. This book separates the facts from the propaganda and provides an accessible overview of the WTO's history, structure and policies as well as a discussion of the future of the organization. It also confronts the criticisms of the WTO and assesses their validity.
Assessing the World Trade Organization
This book challenges our understanding of the true role and impact of the World Trade Organization.
Development, Trade, and the WTO
Publisher's description: Developing countries are increasingly confronted with the need to address trade policy related issues in international agreements, most prominently the World Trade Organization (WTO). New WTO negotiations on a broad range of subjects were launched in November 2001. Determining whether and how international trade agreements can support economic development is a major challenge. Stakeholders in developing countries must be informed on the issues and understand how their interests can be pursued through international cooperation. This handbook offers guidance on the design of trade policy reform, surveys key disciplines and the functioning of the World Trade Organizatio...
The Uruguay Round and the Developing Countries
The shift in orientation toward relatively open trading systems was reflected in the attitudes and participation of developing countries in the Uruguay Round. They involved themselves fully in formulating the rules of the new trading system, and also made significant offers both in the conventional area of reducing tariff protection on manufactures trade, and in the "new" areas, such as trade in services, trade in agriculture, and trade-related intellectual property.
Global Integration and Technology Transfer
The importance of international technology diffusion (ITD) for economic development can hardly be overstated. Both the acquisition of technology and its diffusion foster productivity growth. Developing countries have long sought to use both national policies and international agreements to stimulate ITD. The 'correct' policy intervention, if any, depends critically upon the channels through which technology diffuses internationally and the quantitative effects of the various diffusion processes on efficiency and productivity growth. Neither is well understood. New technologies may be embodied in goods and transferred through imports of new varieties of differentiated products or capital goods and equipment, they may be obtained through exposure to foreign buyers or foreign investors or they may be acquired through arms-length trade in intellectual property, e.g., licensing contracts. 'Global Integration and Technology Transfer' uses cross-country and firm level panel data sets to analyze how specific activities exporting, importing, FDI, joint ventures impact on productivity performance.
Arab Economic Integration
This volume examines the economic and political incentives surrounding Arab regional integration. The contributors focus on three issues: the failure of past attempts at integration, the impact on countries involved in any future integration and the possible lessons from other regional experiences, particularly the European Union. A common theme is the importance of extending the reach of cooperation efforts beyond trade in goods.
