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This book analyzes the effects of abolition of import tariffs and the implementation of fiscal strictness on the overall economic performance, sectoral performance and, household welfare and inequality in Pakistan. These are two major recommendations made by the IMF under the SAP - Structural Adjustment Program - to Pakistan. To address the analytical aspects of the study, a computable general equilibrium (CGE) model was formulated, incorporating country-specific features designed to capture special economic conditions and institutional characteristics of Pakistan's economy. The study focuses on the impact of internal and external macroeconomic shocks and of the policies on the economy; especially the welfare of households. Policy changes considered in the study include changes in the tax rates, government expenditures, and abolition of import tariffs.
After more than four decades of protective trade policy, Pakistan undertook substantial trade liberalization beginning in the 1990s. We assess the short- and long-run impacts of trade liberalization (full and partial) on household incomes, welfare, and poverty under various fiscal scenarios. A computable general equilibrium (CGE) model of the Pakistan economy for the year 1990 is used with 10 household categories (identified by employment status in urban areas and by land holdings in rural areas), 12 production activities, and two factors of production. Our general conclusion is that trade reform improves the average welfare of urban households but reduces the welfare of rural households. In both regions, the rich generally benefit, whereas the poor lose out. The fall in urban poverty dominates the increase in rural poverty such that overall poverty is reduced.
Though Pakistan has been impressively following a liberal trade policy by substantially slashing the general tariff since 1992, yet there have been some commodity groups (food related and fuels and oil)which have been protected with rising trends in the import tariffs. Here the welfare loss of the selective protectionist trade policy and welfare gains of general liberal trade policy incurring on the poorest and ordinary households using data on Household expenditure, prices, and labour wages are measured. The uniqueness, inter alia, of the book is that first time nontraded goods have been included in the trade and welfare analysis of Pakistan. In case of Pakistan, the present book suggests substantial gains for poorest and ordinary households from liberal trade policy and substantial losses to them from selective protection. Keeping in view the nature of the theme, the present book can be a very useful source for MS and PhD research students of international economy, economics and development economics. It can be a wonderful piece of work for the general readers as well who are interested in knowing about global economic and trade mechanisms and dynamics.
This compelling two-volume collection presents the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the selection also comprises more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. Prefaced by an original introduction from the editor, the collection will to be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.
Equal rights between men and women are enshrined as a fundamental human right in the UN Charter, and reflected in various internationally agreed instruments, such as the 1979 Convention on the Elimination of All Forms of Discrimination against Women and the 1995 Beijing Declaration and Platform for Action. Although there has been notable progress in some areas, in most nations women are still at a disadvantage in terms of their role and position in the economic and political arenas. This publication examines the gender dimension of trade and seeks to identify policy challenges and responses to promote gender equality in light of increasing globalisation. Issues discussed include: economics of gender equality, international trade and development; multilateral negotiations on agriculture in developing countries; gender-related issues in the textiles and clothing sectors; international trade in services; gender and the TRIPS Agreement; the impact of WTO rules on gender equality; human rights aspects; fair trade initiatives; the role of IT in promoting gender equality, the Gender Trade Impact Assessment and trade reform.
Trade can dramatically improve women’s lives, creating new jobs, enhancing consumer choices, and increasing women’s bargaining power in society. It can also lead to job losses and a concentration of work in low-skilled employment. Given the complexity and specificity of the relationship between trade and gender, it is essential to assess the potential impact of trade policy on both women and men and to develop appropriate, evidence-based policies to ensure that trade helps to enhance opportunities for all. Research on gender equality and trade has been constrained by limited data and a lack of understanding of the connections among the economic roles that women play as workers, consumers, and decision makers. Building on new analyses and new sex-disaggregated data, Women and Trade: The Role of Trade in Promoting Gender Equality aims to advance the understanding of the relationship between trade and gender equality and to identify a series of opportunities through which trade can improve the lives of women.
This paper explores how fiscal policy can affect medium- to long-term growth. It identifies the main channels through which fiscal policy can influence growth and distills practical lessons for policymakers. The particular mix of policy measures, however, will depend on country-specific conditions, capacities, and preferences. The paper draws on the Fund’s extensive technical assistance on fiscal reforms as well as several analytical studies, including a novel approach for country studies, a statistical analysis of growth accelerations following fiscal reforms, and simulations of an endogenous growth model.