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If structural changes affect the nature of competition in an economy, both changes and levels of change in productivity may be mismeasured.
Development experts often promote trade liberalization as a path to economic development and poverty alleviation. This study examines the trade models used to support such claims. The author surveys the methodologies used to assess trade liberalization’s impact and examines the extent to which assessments of impact diverge. Through careful analysis of models and their results, the author provides a more nuanced assessment of the liberalization’s possible benefits
This book presents International Agricultural Trade Research Consortium commissioned papers. The papers systematically explore the conceptual and empirical dimensions of the new trade theory and try to determine the potential application to agricultural trade and trade policy analysis.
No stable, predictable correlations have emerged in studies of how trade policy affects productivity growth but market concentration seems to be an important factor. Research also suggests that increased foreign competition tends to induce cuts in plant size, may improve technical efficiency, and appears not to be closely linked with firm entry patterns.
The empirical evidence linking economic reform in developing countries with gains in productivity and efficiency is both limited and inconclusive. Using large firm-level data collected by the Reserve Bank of India, this book examines the impact of reform on productivity and competition for the Indian manufacturing sector in the eighties. Relying on econometric estimates of pre- and post-reform productivity growth, the study finds evidence of significantly higher productivity growth rates after the mid-eighties both at the aggregate and two-digit sector levels. The author seeks corroborating evidence by developing a framework that enables him to simultaneously estimate economies of scale, a measure of optimal labour utilization and the mark-up of price over marginal cost as an indicator of competitiveness. Though he finds evidence of better labour utilization, there is no indication of reduced market power or any significant departure from constant returns to scale in the post-reform period. He concludes that even the limited reforms of the eighties led to productivity gains which were achieved largely through better resource use.
We evaluate empirically the impact of the dramatic 1991 trade liberalization in India on the industry wage structure. The empirical strategy uses variation in industry wage premiums and trade policy across industries and over time. In contrast to earlier studies on developing countries, we find a strong, negative, and robust relationship between changes in trade policy and changes in industry wage premiums over time. The results are consistent with liberalization-induced productivity increases at the firm level, which get passed on to industry wages. Since tariff reductions were proportionately larger in sectors that employ a larger share of unskilled workers, the increase in wage premiums in these sectors implies that unskilled workers experienced an increase in their relative incomes. Thus, our findings suggest that trade liberalization has led to decreased wage inequality in India.