Openness can be good for growth: the role of policy complementarities
"The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C]
World Bank
2005
|
| Series: | Policy research working paper
3763 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree of labor market flexibility. In that model, trade protection may ameliorate the problem of underemployment (and underproduction) in sectors affected by labor market distortions. Hence, trade liberalization unambiguously increases per capita income only when labor markets are sufficiently flexible. The authors then present some panel evidence on how the growth effect of openness depends on a variety of structural characteristics. For this purpose, they use a non-linear growth regression specification that interacts a proxy of trade openness with proxies of educational investment, financial depth, inflation stabilization, public infrastructure, governance, labor-market flexibility, ease of firm entry, and ease of firm exit. They find that the growth effects of openness are positive and economically significant if certain complementary reforms are undertaken. "--World Bank web site |
| Item Description: | Includes bibliographical references. - Title from PDF file as viewed on 11/18/2005 Erscheinungsjahr in Vorlageform:[2005] Weitere Ausgabe: Chang, Roberto : Openness can be good for growth |
| Physical Description: | 1 Online-Ressource (40 Seiten) |
Staff View
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| 520 | 1 | |a "The authors study how the effect of trade openness on economic growth depends on complementary reforms that help a country take advantage of international competition. This issue is illustrated with a simple Harris-Todaro model where output gains after trade liberalization depend on the degree of labor market flexibility. In that model, trade protection may ameliorate the problem of underemployment (and underproduction) in sectors affected by labor market distortions. Hence, trade liberalization unambiguously increases per capita income only when labor markets are sufficiently flexible. The authors then present some panel evidence on how the growth effect of openness depends on a variety of structural characteristics. For this purpose, they use a non-linear growth regression specification that interacts a proxy of trade openness with proxies of educational investment, financial depth, inflation stabilization, public infrastructure, governance, labor-market flexibility, ease of firm entry, and ease of firm exit. They find that the growth effects of openness are positive and economically significant if certain complementary reforms are undertaken. "--World Bank web site | |
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| illustrated | Not Illustrated |
| indexdate | 2025-02-20T07:10:24Z |
| institution | BVB |
| language | English |
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| physical | 1 Online-Ressource (40 Seiten) |
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| publishDate | 2005 |
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| publisher | World Bank |
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| series2 | Policy research working paper |
| spellingShingle | Chang, Roberto Kaltani, Linda Openness can be good for growth the role of policy complementarities Wirtschaftsentwicklung |
| title | Openness can be good for growth the role of policy complementarities |
| title_auth | Openness can be good for growth the role of policy complementarities |
| title_exact_search | Openness can be good for growth the role of policy complementarities |
| title_full | Openness can be good for growth the role of policy complementarities Roberto Chang, Linda Kaltani, Norman Loayza |
| title_fullStr | Openness can be good for growth the role of policy complementarities Roberto Chang, Linda Kaltani, Norman Loayza |
| title_full_unstemmed | Openness can be good for growth the role of policy complementarities Roberto Chang, Linda Kaltani, Norman Loayza |
| title_short | Openness can be good for growth |
| title_sort | openness can be good for growth the role of policy complementarities |
| title_sub | the role of policy complementarities |
| topic | Wirtschaftsentwicklung |
| topic_facet | Wirtschaftsentwicklung |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3763 |
| work_keys_str_mv | AT changroberto opennesscanbegoodforgrowththeroleofpolicycomplementarities AT kaltanilinda opennesscanbegoodforgrowththeroleofpolicycomplementarities AT worldbank opennesscanbegoodforgrowththeroleofpolicycomplementarities |