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International Reserves Management and the Current Account
Aizenman, Joshua - 2006
The paper assesses the costs and benefits of active international reserve management (IRM), shedding light on the question of how intense should IRM be for an emerging market. In principle, an active IRM strategy could lower real exchange rate volatility induced by terms of trade shocks; provide...
Persistent link: https://www.econbiz.de/10012465926
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Chinese Outwards Mercantilism – the Art and Practice of Bundling
Aizenman, Joshua - 2015
Chinese outward-mercantilism, which aims at securing a higher rate of returns on its net foreign asset position, leveraging …
Persistent link: https://www.econbiz.de/10012457577
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Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
Aizenman, Joshua - 2006
modern version of monetary mercantilism -- hoarding international reserves in order to improve competitiveness. From a long …-run perspective, manufacturing exporters in East Asia adopted financial mercantilism -- subsidizing the cost of capital -- during … disentangle the monetary mercantilism from precautionary response to the heritage of past financial mercantilism. Monetary …
Persistent link: https://www.econbiz.de/10012465942
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Trade and Growth : Import-Led or Export-Led? Evidence From Japan and Korea
Lawrence, Robert Z. - 1999
It is commonly argued that Japanese trade protection has enabled the nurturing and development internationally competitive firms. The results in our paper suggest that when it comes to TFP growth, this view of Japan is seriously erroneous. We find that lower tariffs and higher import volumes...
Persistent link: https://www.econbiz.de/10012471526
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How Economic Ideas Led to Taiwan's Shift to Export Promotion in the 1950s
Irwin, Douglas A. - National Bureau of Economic Research - 2021
Taiwan was perhaps the first developing country to adopt an export-oriented trade strategy after World War II. The factors usually associated with big shifts in policy--a macroeconomic crisis, a change in political power or institutions, lobbying by export interests, pressure from international...
Persistent link: https://www.econbiz.de/10012629518
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Currency Undervaluation and Comparative Advantage
Bergin, Paul R. - National Bureau of Economic Research - 2022
This paper highlights a tradeoff implied by a policy of export-led growth through currency undervaluation. While undervaluation can foster domestic manufacturing in countries like China by sustaining trade surplus, it also can harm a country's comparative advantage by altering the composition of...
Persistent link: https://www.econbiz.de/10012814474
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Does Trade Reform Promote Economic Growth? A Review of Recent Evidence
Irwin, Douglas A. - 2019
Do trade reforms that significantly reduce import barriers lead to faster economic growth? In the two decades since Rodríguez and Rodrik's (2000) critical survey of empirical work on this question, new research has tried to overcome the various methodological problems that have plagued previous...
Persistent link: https://www.econbiz.de/10012479877
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The Structure of Protection and Growth in the Late 19th Century
Lehmann, Sibylle H. - 2008
Many papers have explored the relationship between average tariff rates and economic growth, when theory suggests that the structure of protection is what should matter. We therefore explore the relationship between economic growth and agricultural tariffs, industrial tariffs, and revenue...
Persistent link: https://www.econbiz.de/10012464154
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Market Access, Openness and Growth
Romalis, John - 2007
This paper identifies a causal effect of openness to international trade on growth. It does so by using tariff barriers of the United States as instruments for the openness of developing countries. Trade liberalization by a large trading partner causes an expansion in the trade of other...
Persistent link: https://www.econbiz.de/10012465606
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From Groundnuts to Globalization : A Structural Estimate of Trade and Growth
Broda, Christian - 2006
Starting with Romer [1987] and Rivera-Batiz-Romer [1991] economists have been able to model how trade enhances growth through the creation and import of new varieties. In this framework, international trade increases economic output through two channels. First, trade raises productivity levels...
Persistent link: https://www.econbiz.de/10012466154