Deep trade agreements and vertical FDI: the devil is in the details
Recent data show that the institutional content of preferential trade agreements has evolved over time. Although pre-1990s preferential trade agreements mostly focused on tariff liberalization, recent agreements increasingly contain deep provisions in diverse areas, such as intellectual property rig...
Gespeichert in:
| Hauptverfasser: | , , |
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| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.]
World Bank Group, Trade and Competitiveness Global Practice Group
October 2015
|
| Schriftenreihe: | Policy research working papers
7464 |
| Schlagworte: | |
| Online-Zugang: | kostenfrei eBook available for UOIT via The World Bank. Click link to access |
| Zusammenfassung: | Recent data show that the institutional content of preferential trade agreements has evolved over time. Although pre-1990s preferential trade agreements mostly focused on tariff liberalization, recent agreements increasingly contain deep provisions in diverse areas, such as intellectual property rights, investment, and standards. At the same time, there has been a remarkable increase in the internationalization of production through foreign direct investment and outsourcing. This paper employs the Antràs and Helpman (2008) model of contractual frictions and global sourcing to study how deep trade agreements affect the international organization of production. The paper constructs new measures of the depth of preferential trade agreements and of vertical foreign direct investment to test the theory. Consistent with the model, the analysis finds evidence that the depth of trade agreements is correlated with vertical foreign direct investment, and that this is driven by the provisions that improve the contractibility of inputs provided by suppliers, such as regulatory provisions. Because this implication of the model is specific to the so-called "property rights" theory of the multinational firm, the findings provide empirical support to this approach vis-à-vis alternative theories of firm boundaries |
| Beschreibung: | 46 Seiten Illustrationen |
Internformat
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| 245 | 1 | 0 | |a Deep trade agreements and vertical FDI |b the devil is in the details |c Alberto Osnago ; Nadia Rocha ; Michele Ruta |
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| 520 | |a Recent data show that the institutional content of preferential trade agreements has evolved over time. Although pre-1990s preferential trade agreements mostly focused on tariff liberalization, recent agreements increasingly contain deep provisions in diverse areas, such as intellectual property rights, investment, and standards. At the same time, there has been a remarkable increase in the internationalization of production through foreign direct investment and outsourcing. This paper employs the Antràs and Helpman (2008) model of contractual frictions and global sourcing to study how deep trade agreements affect the international organization of production. The paper constructs new measures of the depth of preferential trade agreements and of vertical foreign direct investment to test the theory. Consistent with the model, the analysis finds evidence that the depth of trade agreements is correlated with vertical foreign direct investment, and that this is driven by the provisions that improve the contractibility of inputs provided by suppliers, such as regulatory provisions. Because this implication of the model is specific to the so-called "property rights" theory of the multinational firm, the findings provide empirical support to this approach vis-à-vis alternative theories of firm boundaries | ||
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| 650 | 4 | |a FDI. | |
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Datensatz im Suchindex
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| author | Osnago, Alberto Rocha, Nadia Ruta, Michele 1974- |
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| spelling | Osnago, Alberto aut Deep trade agreements and vertical FDI the devil is in the details Alberto Osnago ; Nadia Rocha ; Michele Ruta [Washington, D.C.] World Bank Group, Trade and Competitiveness Global Practice Group October 2015 46 Seiten Illustrationen txt rdacontent n rdamedia nc rdacarrier Policy research working papers 7464 Literaturverzeichnis (Seiten 28-30) Recent data show that the institutional content of preferential trade agreements has evolved over time. Although pre-1990s preferential trade agreements mostly focused on tariff liberalization, recent agreements increasingly contain deep provisions in diverse areas, such as intellectual property rights, investment, and standards. At the same time, there has been a remarkable increase in the internationalization of production through foreign direct investment and outsourcing. This paper employs the Antràs and Helpman (2008) model of contractual frictions and global sourcing to study how deep trade agreements affect the international organization of production. The paper constructs new measures of the depth of preferential trade agreements and of vertical foreign direct investment to test the theory. Consistent with the model, the analysis finds evidence that the depth of trade agreements is correlated with vertical foreign direct investment, and that this is driven by the provisions that improve the contractibility of inputs provided by suppliers, such as regulatory provisions. Because this implication of the model is specific to the so-called "property rights" theory of the multinational firm, the findings provide empirical support to this approach vis-à-vis alternative theories of firm boundaries Commercial treaties Investments, Foreign Industrial productivity International economics & trade Law and development Private sector development Macroeconomics and economic growth Trade law Trade policy Emerging markets Economic theory & research Free trade Trade agreements FDI. Contractual frictions Commercial treaties fast Industrial productivity fast Investments, Foreign fast Rocha, Nadia aut Ruta, Michele 1974- (DE-588)131978403 aut Weltbank Sonstige (DE-588)121364-7 oth Policy research working papers 7464 (DE-604)BV022427047 7464 http://documents.worldbank.org/curated/en/2015/10/25225132/deep-trade-agreements-vertical-fdi-devil-details kostenfrei Volltext http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-7464 eBook available for UOIT via The World Bank. Click link to access kostenfrei Volltext |
| spellingShingle | Osnago, Alberto Rocha, Nadia Ruta, Michele 1974- Deep trade agreements and vertical FDI the devil is in the details Policy research working papers Literaturverzeichnis (Seiten 28-30) Commercial treaties Investments, Foreign Industrial productivity International economics & trade Law and development Private sector development Macroeconomics and economic growth Trade law Trade policy Emerging markets Economic theory & research Free trade Trade agreements FDI. Contractual frictions Commercial treaties fast Industrial productivity fast Investments, Foreign fast |
| title | Deep trade agreements and vertical FDI the devil is in the details |
| title_auth | Deep trade agreements and vertical FDI the devil is in the details |
| title_exact_search | Deep trade agreements and vertical FDI the devil is in the details |
| title_full | Deep trade agreements and vertical FDI the devil is in the details Alberto Osnago ; Nadia Rocha ; Michele Ruta |
| title_fullStr | Deep trade agreements and vertical FDI the devil is in the details Alberto Osnago ; Nadia Rocha ; Michele Ruta |
| title_full_unstemmed | Deep trade agreements and vertical FDI the devil is in the details Alberto Osnago ; Nadia Rocha ; Michele Ruta |
| title_short | Deep trade agreements and vertical FDI |
| title_sort | deep trade agreements and vertical fdi the devil is in the details |
| title_sub | the devil is in the details |
| topic | Commercial treaties Investments, Foreign Industrial productivity International economics & trade Law and development Private sector development Macroeconomics and economic growth Trade law Trade policy Emerging markets Economic theory & research Free trade Trade agreements FDI. Contractual frictions Commercial treaties fast Industrial productivity fast Investments, Foreign fast |
| topic_facet | Commercial treaties Investments, Foreign Industrial productivity International economics & trade Law and development Private sector development Macroeconomics and economic growth Trade law Trade policy Emerging markets Economic theory & research Free trade Trade agreements FDI. Contractual frictions |
| url | http://documents.worldbank.org/curated/en/2015/10/25225132/deep-trade-agreements-vertical-fdi-devil-details http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-7464 |
| volume_link | (DE-604)BV022427047 |
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