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Things have changed (or Have they?): tariff protection and environmental concerns in the WTO

This paper considers the APEC and proposed EGA agreements which grant tariff concession in favor of "green" goods. We …find that the practical signi…cance of the APEC agreement should not be overestimated as it involves modest tariff concessions over a subset of goods which are not heavily traded. Still, these agreements involve a paradigm shift to the extent that they use tariffs…

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Français, English / 13/04/2018

Investment gaps in IDB borrowing countries

We estimate public investment gaps in a sample of developing countries using a public investment demand function. We then use GDP per capita projections, forecasts of structural transformation, and three SDG targets (poverty, infant mortality and lower secondary school completion) to predict public investment needs in 2030 among IDB borrowing countries. Our estimates suggest that in…

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Français, English / 13/04/2018

The Hausmann-Gorky effect

For over a century, legal scholars have debated the question of what to do about the debts incurred by despotic governments; asking whether successor non-despotic governments should have to pay them. That debate has gone nowhere. This paper examines whether an Op Ed written by Harvard economist, Ricardo Hausmann, in May 2017, may have shown an alternative path to the goal of…

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English / 13/04/2018

Trade re(im)balanced: the role of regional trade agreements

This paper documents the novel fact that Regional Trade Agreements (RTA) decrease bilateral trade imbalances as measured by conventional measure of the net export share in gross trade. While on average an RTA decreases bilateral trade imbalance by 7%, greater trade integration through a deeper RTA is associated with a reduction of up to 50% among the sample of over 160 countries…

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Français, English / 13/04/2018

Exchange rates, international trade and growth: re-evaluation of undervaluation

This paper shows that a regional bias resulting from trade integration alters the transmission of a country's monetary policy by shifting the burden of the exchange rate adjustment towards the less integrated trading partners. I first develop a simple model which illustrates how a concentration of trade flows among regional trading partners a↵ects the sensitivity of the trade balance…

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Français, English / 13/04/2018

Structural budget balances in oil-rich countries: the cases of Azerbaijan, Kazakhstan, and Russia

This study aims to analyse the discretionary fiscal policy of Azerbaijan, Kazakhstan, and Russia for the period 2003-2015 using the structural budget balance (SBB). The SBB considers the permanent component of oil revenue and therefore clearly defines the discretionary fiscal position and the aggregate demand effect of fiscal policy. The SBBs in Azerbaijan and Russia experience a…

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Français, English / 20/03/2018

Are fiscal rules helpful in mitigating the impact of oil market fluctuations?

In this paper we empirically examined the role of fiscal rules in mitigating the impact of oil market fluctuations in resource-rich economies using a structural panel VAR framework following P. Pedroni (2013) and incorporating identification scheme of Kilian (2009). Our key findings can be summarized as: l) oil exporting developing countries exhibit procyclical respond to positive…

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Français, English / 26/02/2018

Global value chains and product sophistication: an empirical investigation of Indian firms

This paper analyses the impact of GVC linkages on product upgrading using the Indian firm-level dataset Prowess, and methodologies of System-GMM and Propensity score matching. Defining product upgrading as a movement towards more sophisticated products, we use Haussmann's product sophistication index to calculate a sales-weighted average sophistication level of Indian manufacturing…

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/ 22/02/2018

The use of corruption indicators in sovereign ratings

This paper studies the relationship between sovereign ratings and corruption indicators. The paper first shows a strong correlation between ratings issued by the three main rating agencies (Standard & Poor's, Moody's, and Fitch) and three commonly used corruption indicators. This correlation is robust to controlling for the fact that corruption is also correlated with level of…

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English / 22/02/2018

Appellate Body report on EU-Biodiesel: the future of China's state capitalism under the WTO AU-Dumping Agreement

China's unique economic system poses increasing challenges to the world trading system and attracts growing academic and policy debates. WTO members have frequently resorted to antidumping measures in dealing with price distortions caused by Chinese government influence in the economy. The Appellate Body's decision in the recent EU – Biodiesel dispute starts to remove the flexibility…

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/ 20/02/2018

A framework for rethinking NAFTA for the 21st century: policies, institutions, and regionalism

The 2016 U.S. presidential campaign made the North American Free Trade Agreement (NAFTA) a prime target in a heated and divisive debate that questioned the United States' participation in the international trading system. Though campaign rhetoric typically softens as a candidate takes office, this time may be different. President Donald Trump has called NAFTA “the worst trade deal…

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/ 20/02/2018

The impact of new regionalism on global value chains participation

This article investigates the impact of trade agreements on bilateral trade flows of manufactured goods. Compared to other studies, it enriches the analysis by decomposing gross trade flows into their value added components, and by considering the direction of trade flows and the content of trade agreements. The analysis reveals a clear pattern in the effects of economic integration…

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/ 20/02/2018

Services liberalization and GVC participation: new evidence for heterogeneous effects by income level and provisions

Participation in global value chains (GVCs) is a key element in the industrialization strategies of many developing nations. Many studies look at the determinants of GVC participation but most focus on do- mestic regulatory environments, the cost of doing business, and trade policy. This paper investigates the possibility that services also mat- ter by empirically testing for a link…

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/ 20/02/2018

How does environmental regulation shape economic development?: a tax competition model of China

We propose a novel theoretical framework to study how environmental regulation shapes economic development in a developing country such as China. We develop a dynamic tax competition model in which local governments, located in development zones, use variation in taxes to attract workers to their jurisdictions. Their objective is to maximize tax revenue less local health costs that…

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Français, English / 20/02/2018

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