In this paper we examine the changing nature of Japan’s commercial policy over the last 25 years while reviewing Japan’s changing structure of trade, FDI and economy that underlay policy changes. We argue that until the late 1990s Japan adopted a two-track approach of relying on...

This Selected Issues paper for Algeria analyzes the potential economic impact of Algeria’s Association Agreement with the European Union (AAEU). The paper lays out the major elements of Algeria’s AAEU and makes a comparison with other AAEUs. It discusses the potential economic...

The pace of trade reforms waned from the mid-2000s as protectionist sentiment began to increase. With the onset of the global financial crisis, reform progress not only halted but began to reverse. As we show in this note, new trade restrictions have had—in the limited products they...

This paper presents a new hand-gathered database on tariff rates for 18 least developed countries and Korea at the 4-digit level in HS 1988 and SITC revision 2. The database contains one observation per country and per decade starting from the 1970s to 2000/2002. Over time, the tariff schemes of...

During the Uruguay Round (UR), regulations concerning subsidies were substantially modified. In the WTO three types of subsidies are distinguished: prohibited, actionable and non-actionable. The export subsidies are prohibited, while production subsidies are actionable, if they cause an injury...

We analyze Senate roll-call votes concerning tariffs on specific goods in order to understand the economic and political factors influencing the passage of the Smoot-Hawley Tariff Act of 1930.

Empirical work relating trade liberalization and income distribution has identified an important anomaly. The Stolper-Samuelson theorem predicts that trade liberalization will shift income toward a country's abundant factor. For developing countries, this suggests liberalization will principally...

Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil...

Analysis of 1960-2002 data shows that average real GDP growth in sub-Saharan Africa was low and decelerated continuously before starting to recover in the second part of the 1990s. Growth was driven primarily by factor accumulation with little role for total factor productivity (TFP) growth. The...