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Abstract: Australia's lackluster economic growth performance in the first four decades following World War II was in part due to an anti-trade, anti-primary sector bias in government assistance policies. This paper provides new annual estimates of the extent of those biases since 1946 and their gradual phase-out during the past two decades. In doing so it reveals that the timing of the sector assistance cuts was such as sometimes to improve but sometimes to worsen the distortions to incentives faced by farmers. The changes increased the variation of assistance rates within agriculture during the 1950s and 1960s, reducing the welfare contribution of those programs in that period. Although the assistance pattern within agriculture appears not to have been strongly biased against exporters, its reform has coincided with a substantial increase in the export orientation of many farm industries. The overall pattern for Australia is contrasted with that revealed by comparable new estimates for other high-income countries.
As tariffs have fallen worldwide, the increasing importance of non-tariff policies for further trade liberalization has become widely recognized. The methods for assessing the potential effects of such liberalization have lagged significantly behind those available for analyzing tariffs. This book is the first volume that comprehensively addresses this gap. It has been designed to be useful for both economists and policymakers, especially for those involved in communicating ideas and results between economists and policymakers. This indispensable book contains cutting-edge discussions of the full range of methodologies used in this area, including business surveys, summary statistics such as effective rates of protection and price gaps, time-series and panel econometrics, and simulation methods such as computable general equilibrium. It covers the entire spectrum of policies under discussion in current trade negotiations, including trade facilitation, services policies, quantitative measures, customs procedures, standards, movement of natural persons, and anti-dumping. Some prominent contributors to this book are Bijit Bora (World Trade Organization), John Wilson, Tsunehiro Otsuki and Vlad Manole (World Bank), Catherine Mann (Institute of International Economics), Alan Deardorff and Robert Stern (University of Michigan), Joe Francois (Erasmus University), Dean Spinanger (University of Kiel), Antoni Estevadeordal and Kati Suominen (Inter-American Development Bank), Thomas Prusa (Rutgers University), Thomas Hertel and Terrie Walmsley (Purdue University), Scott Bradford (Brigham Young University), Judith Dean, Robert Feinberg, Soamiely Andriamananjara and Marinos Tsigas (US International Trade Commission).
This book contains cutting-edge discussions of the full range of methodologies used in assessing the potential effects of non-tariff policies on trade liberalization. Business surveys, summary statistics such as effective rates of protection and price gaps, time-series and panel econometrics, and simulation methods such as computable general equilibrium are presented. The full range of polices under discussion in current trade negotiations, including trade facilitation, services policies, quantitative measures, customs procedures, standards, movement of natural persons, and anti-dumping are also covered. Contributors to the volume, in addition to the editors, include Bijit Bora (World Trade Organization), John Wilson, Tsunehiro Otsuki and Vlad Manole (World Bank), Catherine Mann (Institute of International Economics), Alan Deardorff and Robert Stern (University of Michigan), Joe Francois (Erasmus University), Dean Spinanger (University of Kiel), Antoni Estevadeordal and Kati Suominen (Inter-American Development Bank), Thomas Prusa (Rutgers University), Thomas Hertel and Terrie Walmsley (Purdue University), Scott Bradford (Brigham Young University), Judith Dean, Robert Feinberg, Soamiely Andriamananjara and Marinos Tsigas (U.S. International Trade Commission). For the policymaker, Quantitative Methods brings together a wide selection of the most current findings on the potential effects of liberalizing non-tariff measures and improving trade facilitation. For the empirical practitioner, in-depth discussions are provided of issues often covered lightly elsewhere, such as data sources, construction of indices, and neglected microeconomic foundations of liberalization.
Ch. 1. The future of world trade policy -- ch. 2. Evaluating the impact of the WTO information technology agreement. 2.1. Introduction. 2.2. Some facts on ITA trade. 2.3. The impact of the ITA : a gravity model approach. 2.4. Regression results. 2.5. Conclusions -- 3. Economic analysis and WTO arbitration cases. 3.1. Introduction. 3.2. The mandate. 3.3. An economic interpretation of the mandate. 3.4. An economic taxonomy of WTO. 3.5. The role of economists in WTO arbitration cases -- ch. 4. The impact of manufacturing protection on agricultural incentives in Australia. 4.1. Structural changes since 1950. 4.2. Methodology for measuring distortions to incentives. 4.3. Measuring Nominal Rates of Assistance (NRAs). 4.4. NRA estimates and the evolution of policies. 4.5. Prospects for further policy reform. 4.6. Comparison with other high-income countries. 4.7. Conclusion -- ch. 5. India and the global demand for commodities : is there an elephant in the room? 5.1. Introduction. 5.2. India is big but its growth is different. 5.3. Metals. 5.4. Energy. 5.5. Food. 5.6. Conclusion -- ch. 6. Foreign direct investment in China : trends, characteristics and impacts. 6.1. Introduction. 6.2. Growth trend of FDI inflows in China. 6.3. Characteristics of FDI in China. 6.4. Impact of FDI on China's economy. 6.5. Technology transfer and spillover effects of FDI. 6.6. Conclusion -- ch. 7. The changing patterns of trade and investment in East Asia. 7.1. Introduction. 7.2. Changing patterns of foreign trade in East Asia. 7.3. Foreign direct investment and foreign trade : increasing role of multinational corporations in international trade. 7.4. Changing policy environment : liberalisation of trade and FDI policies. 7.5. Concluding remarks -- ch. 8. The integration of the electronics sector in ASEAN. 8.1. The electronics sector. 8.2. The electronics sector : ASEAN. 8.3. Challenges to integration. 8.4. The future for the integration of the electronics sector. 8.5. Recommendations -- ch. 9. Regional value chains and Asian regionalism. 9.1. Patterns of development and the emergence of regional value chains in East Asia. 9.2. Regionalism in East Asia. 9.3. Reducing trade costs in East Asia. 9.4. Conclusion -- ch. 10. Recent developments in the literature on foreign direct investment and labour markets. 10.1. Recent theoretical developments in understanding the effects of FDI. 10.2. The recent evidence on the labour market effects of FDI. 10.3. Some final observations -- ch. 11. Competition policy in international airline markets : an agenda and a proposed solution. 11.1. Introduction. 11.2. Mergers and alliances in airline markets. 11.3. Intersection of regional and domestic policies : a trans-Tasman case study. 11.4. Regulatory errors and multiple competition authorities. 11.5. Steps towards a multilateral competition policy for airline markets. 11.6. Summary and conclusions