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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.
Trade liberalization in Morocco improved productivity in manufacturing firms, so they could exploit their comparative advantage and compete better with foreign firms.
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.
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.
Public sector pricing policies may undermine incentives to reduce costs. Therefore measures to promote cost reduction should be part of any pricing policy reform designed to increase cost recovery.
Macroeconomic stability is most precarious, and stabilization most likely to be delayed, where the party system is fragmented or polarized.