Trade restrictive benchmarks

Article Abstract:

Benchmark measures of overall trade policy using the Trade Restrictiveness Index (TRI) are shown to differ largely from the standard measures. In a 27 country sample, trade weighted average tariffs underestimate restrictiveness measured by the uniform tariff equivalent by an average of 50%. Meanwhile, for a 7-case sample of changes in trade policy, the TRI and changes in average tariffs are not related. The results are robust with respect to missing data problems and to the elasticity of substitution variation, but may be responsive to the assumptions used to treat non-tariff barrier.

Trade Regulations NEC, Trade policy, Restraint of trade, Commercial policy

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Trade liberalization in developing economies: modest benefits but problems with productivity growth, macro prices, and income distribution

Article Abstract:

Developing countries that are planning to liberalize their markets must approach liberalization with a strong economy and stringent economic controls to offset both the microeconomic and macroeconomic effects of trade liberalization. Trade liberalization brings about a negative returns to scale microeconomically, especially in terms of firm's investments for productivity enhancements. Macroeconomically, trade liberalization can affect output and productivity whose positive feedback that is beneficial to the economy is suppressed by liberalization.

Intnl Economic Policy, Economic aspects, International economic relations, International trade

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