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Strengthening Argentina's Integration into the Global Economy
Integration into global markets can improve the efficiency of the Argentinian economy, providing opportunities for private investment to flourish and for the associated benefits to accrue to consumers. Among many policies that are important for integrating into the global economy, particularly relevant are trade, investment, and competition policies. They all share a common attribute: the capacity to shape the incentives of firms to improve resource allocation and to strengthen productivity while integrating into international markets. Once properly combined, investment, trade, and competition polices have mutually reinforcing relationships in the sense that growth dividends stemming from re...
Design for Impact
State aid impact evaluation is new in Romania. Given its novelty, the ex post evaluation seeks to provide evidence on how effective state aid has been, on whether state aid distorted competition, and on the implications for state aid design and implementation. These aspects are fundamental to improving the efficiency of public spending and minimizing market distortions. The ex post evaluation focuses on three state aid schemes to assess whether and to what extent the aid objectives have been fulfilled, and it measures their spillover effects as well as the effects on competition outcomes. Selected based on the their importance in supporting key policy objectives, their design and complexity,...
Boosting Productivity in Kazakhstan with Micro-Level Tools
Like many other countries, Kazakhstan’s economic growth has slowed since the 2007†“09 global financial crisis. Although the slowdown reflected weaknesses in expanding labor and capital, the most striking reduction has been in productivity growth. In more recent years, total factor productivity growth has started to bounce back, albeit at a modest pace, possibly driven by the recovery in commodity prices. Although slower expansion in productivity has been a global phenomenon, Kazakhstan’s subdued productivity performance for a decade reflects more structural problems. Against this backdrop, Boosting Productivity in Kazakhstan with Micro-Level Tools: Analysis and Policy Lessons examine...
Stylized Facts on Productivity Growth
Drawing on a representative sample of firms, this paper presents some microeconomic evidence on the productivity growth process in Croatia since the onset of recession (2008-12). Four types of results are highlighted. First, there is a persistent (and increasing) heterogeneity in the performance of Croatian firms along outcome measures. Second, Croatia lags behind regional peers in entrepreneurship measures, which suggests a comparatively lower economic dynamism. Third, the lack of dynamism displayed by the Croatian economy is confirmed when looking at the firm entry and exit process: the analytical results point to reduced firm dynamism compared with Croatia's peers in Europe and Central As...
Stylized Facts on Productivity Growth
"Drawing on a representative sample of firms, this paper presents some microeconomic evidence on the productivity growth process in Croatia since the onset of recession (2008-12). Four types of results are highlighted. First, there is a persistent (and increasing) heterogeneity in the performance of Croatian firms along outcome measures. Second, Croatia lags behind regional peers in entrepreneurship measures, which suggests a comparatively lower economic dynamism. Third, the lack of dynamism displayed by the Croatian economy is confirmed when looking at the firm entry and exit process: the analytical results point to reduced firm dynamism compared with Croatia's peers in Europe and Central A...
Corporate Market Power in Romania
This paper explores firm-level heterogeneity to identify the underlying drivers of market power trends in Romania and the implications for competition and economic growth. The results show that the (sales-weighted) average markup in Romania increased by around 15 percent between 2008 and 2017. A key driving force behind this aggregate trend was the ability of a small fraction of firms - the top decile firms in the markup distribution - to increase their markups. These firms do not seem to follow the typical superstar firms' profile: they are smaller, less efficient, and less likely to invest in intangible assets than other firms in the markup distribution and overrepresented in less knowledg...
Regulation, Trade and Productivity in Romania
Inappropriate regulation can influence productivity performance by affecting incentives to invest and adopt new technologies, as well as by directly curbing competitive pressures. Results of a labor productivity growth model for European Union countries suggest that improving the regulatory environment-proxied by the Worldwide Governance Indicators regulatory quality indicator-and boosting effective exposure to competition through increasing trade integration-expressed as the ratio of exports plus imports to gross domestic product-have positive effects on productivity growth. In Romania a 10 percent increase in openness to global trade over 1995-2010 would have boosted productivity growth by...
Productivity Growth in Romania
This paper examines productivity growth in Romania using balance sheet data for a census of Romanian firms in 2011-17. Three measures of productivity are estimated: labor productivity, revenue total factor productivity, and revenue total factor productivity adjusted for markups. Drawing from these measures, the paper follows a two-step approach to answer two fundamental questions: (i) who are the firms-and what are their key characteristics-driving and dragging productivity growth in Romania? and (ii) what are the drivers behind productivity expansion? A first step of the analysis characterizes productivity leaders and laggards, finding that companies at the domestic productivity frontier ar...
Product Market Policies in Romania
Romania's European Union accession in 2007 has resulted in a substantial reduction of the formal barriers to integration with the European Union Single Market. This study takes stock of the progress by benchmarking product market policies in Romania to those of European Union countries, as measured by the OECD indicators of Product Market Regulation. These indicators allow for a comprehensive mapping of policies affecting competition in product markets. Comparison with European Union countries reveals that, for half of the policy areas covered by the study, Romania's product market policies are more restrictive of competition than most direct comparators in the region, whereas for other indicators Romania is on a par with the European Union average or has achieved best practice. Nonetheless, these results should be interpreted in light of the fact that the Product Market Regulation approach measures officially adopted policies and does not capture implementation. Future reforms should be directed both at improving official regulation and, where policies that favor competition are already in place, toward effective enforcement.
Trade Liberalization and Integration of Domestic Output Markets in Brazil
This paper describes how different policy distortions have been impeding better integration of Brazil's external and internal product markets and discusses how these distortions have prevented domestic firms from benefiting from multiple sources of efficiency gains. The paper first focuses on the costs of barriers to global integration, followed by an overview of policy induced stringencies hampering domestic integration. Drawing from general and partial equilibrium analyses, the paper also provides evidence of potential impacts of removing some of those distortions and discusses policy options to promote better allocation of resources across the economy. The main conclusion of the paper is that Brazil could gain significantly from opening to foreign trade. Yet, for Brazil to take full advantage of the opportunities that external integration offers, domestic markets also need to function better, so it is key to ensure that the removal of external barriers to integration is coordinated with the removal of internal distortions to domestic market integration.
