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East Asian Trade After the Uruguay Round
This volume provides a comprehensive assessment of the likely effects of the Uruguay Round agreements on the dynamic economies of East Asia. The rapid development of these countries owes much to the strong export performance and unilateral deregulation of their economies in recent years. Their major stake in maintaining the integrity of the global trading system was demonstrated by their active participation in the negotiations. The impact of the Uruguay Round liberalisation on East Asian economic development and policies is evaluated using sophisticated CGE models to estimate the effects on trade and income. The strengthening of trade rules and dispute settlement procedures are examined by a group of world trade experts. They establish that some gaps in the system remain to be tackled (anti-dumping, regional discrimination) and that some new problems are pending (competition policy, investment).
Rags and Riches
The Multi-Fibre Arrangement (MFA) is among the most important nontariff trade barriers facing developing countries today. Here the authors endeavor to fill several gaps in the literature on the MFA. Citing specific examples, they demonstrate how quota implementation begins with an initial regulatory system that becomes increasingly complex and discretionary as rules are changed and new ones added.
Quantity Controls, License Transferability, and the Level of Investment
This paper models investment/entry decisions in a competitive industry that is subject to a quantity control on an input for production. The quantity control is implemented by auctioning licenses for the restricted input (e.g., a pollution permit or a production license). The paper shows that liberalizing the quantity control could reduce investment in the industry under certain circumstances. Furthermore, the level of investment is quite different when licenses are tradable than when they are not. Key factors in the comparison include the elasticity of demand for the final good and the degree of input substitutability. Two examples are computed to illustrate the results.
Competition and Efficiency in Hungarian Banking
Considerable progress has been made in reforming the Hungarian banking system and strengthening its legal and regulatory framework. But Hungarian banking suffers from market segmentation and high nominal spreads, caused by high inflation, low leverage, and nonperforming loans.
Do the Poor Insure?
Formal tests of perfect consumption-smoothing do not provide convincing evidence that such patterns are prevalent in village economies. Nevertheless, most individuals appear to have appreciable ability to mitigate income fluctuations.
Benefit Incidence Analysis in Developing Countries
Benefit incidence analysis offers an important perspective on budgets and can illuminate the distributional impacts of proposed reallocations of government resources among projects.
