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How has globalization through trade and foreign investment affected labour markets, wages, profits, and inequality? This fundamentally important question is addressed deeply in this volume, with methods ranging from microeconomic theory to econometric studies using detailed firm-level and household data. The primary objective of the volume, a compendium of important research performed by Ann Harrison and co-authors, is to study and understand whether and how workers, in both the United States and major developing and emerging countries, have fared in the recent era of massive globalization. There are plenty of anecdotes about such questions, but this volume develops testable hypotheses, collects essential data, and uses frontier techniques to provide the best and most systematic evidence available. Chapters range widely over standard and current trade theories, frontier thinking about the nature and effects of multinational enterprises and offshoring, and the critical roles of credit markets, international innovation and technology diffusion in driving employment, wage changes, and inequality. The volume also covers critical institutional matters, such as how globalization influences activism in securing labour rights. The analysis in the book is essential for understanding the complex and deep relationships among trade liberalization, foreign direct investment, technical change, and the fortunes of workers in increasingly globalized markets.

This book collects the main papers written by George Borjas on the economics of immigration during a decades-long career. Although there was little interest in immigration issues among economists before the 1980s, the literature has exploded since. The essays collected in this book represent some of the contributions that helped build the foundations of immigration economics. The essays cover a wide range of topics, including the assimilation of immigrants, the skill characteristics of the immigrant population, the intergenerational progress of immigrant households, the measurement of the impact of immigrants on the labor markets of receiving countries, and the calculation of the economic benefits from immigration. The essays included in this volume continue to be widely cited and have often set the research agenda for subsequent research on immigration in both receiving and sending countries.

Globalization is a complex phenomenon involving the mobility of goods, capital, labour and ideas across country borders. From an economic point of view, two waves of globalization have been identified by scholars so far. The first wave materialized between the second half of the Nineteenth century and WWI; the second wave rose after WWII and gained momentum at the end of the Twentieth century before slowing down in the aftermath of the global financial crisis due to renewed protectionist pressures. This collection of essays studies the implications of this second wave of globalization for national economic performance. In doing so, it takes a bottom-up approach, building up the macroeconomic trajectories from the microeconomic effects of globalization on firms and workers. The collected essays highlight the asymmetry of responses across firms and workers between and within industries as well as territories, thus explaining the forces behind the emergence of 'winners' and 'losers' from globalization. The collection shows how state-of-the-art models of international economics and economic geography can be brought to life by addressing several topical issues in the public debate, ranging from regional growth and regional decline to international competition and creative destruction, from innovation patterns to cultural diversity and from immigration to offshoring.

This volume honors the extraordinary career of Thomas Hertel. It also celebrates the 25th anniversary of the founding of the Global Trade Analysis Project (GTAP) by Prof. Hertel. All of those contributing to this volume, including Prof. Hertel's students and colleagues, have benefitted in some ways from the selfless professional generosity and dedication to scientific public goods that have been hallmarks of his career.The book examines the history of the GTAP project, the scientific contributions of Prof. Hertel, and the general application of computational modeling to global economic policy analysis. The applications in the volume, reflecting the broad contributions made by the GTAP community to global policy analysis, range from the impact of globalization on employment to the sustainability impacts of economic integration.

Economic Effects of Antidumping is an invaluable book that reviews many of the key developments in the economic analysis of antidumping law over the past 25 years. Thomas Prusa was one of the earliest economists to examine the economics of antidumping and its consequences, and this volume contains many of his contributions to the field.This book provides a broad overview of the author's works, which include many significant findings, including the propensity and effects of settled cases, trade diversion, the effect of legal provisions such as cumulation and zeroing, pricing distortions, tit-for-tat use of the law, and contingent protection as insurance. This book is appropriate for both students in economics, public policy and law, and for policymakers in the field.

This volume is a collection of the author's past and recent research. It concentrates on some topics that continue to be neglected in mainstream trade theory, but which have grown in empirical relevance as the decades have passed and allow us to broaden our world view. These include adding multinational firms and a major role for the demand side of general equilibrium to our conventional portfolio of models.Part I in the volume focuses on multinational firms and the incorporation of endogenous location and ownership choices into general-equilibrium trade models. A particular emphasis, repeatedly confirmed in empirical studies, is on horizontal firms that replicate activities across borders. Two chapters on the vertical integration versus outsourcing decision reveal the non-excludable property of knowledge-based assets.Part II focuses on the demand side of general equilibrium, arguing and showing empirically that non-homothetic preferences, which give an important role to per capita income, help explain many of the empirical puzzles that trade economists keep trying to explain only from the production side of general equilibrium.Part III is eclectic, but the chapters in this section share the common thread of showing how distortions and allowing trade in factors of production both modify traditional policy ideas and also create additional sources of gains from trade.

Innovation and international trade are two important drivers of economic growth. These two activities perform differently under different types of market competition.This book - a collection of several important research publications by Larry D Qiu - discusses innovation and international trade, separately and jointly, under imperfect competition. Through exploring these topics, they offer different perspectives on these issues. The selected works also provide clear and strong implications on trade policies and intellectual property rights protection.

The Economic Effects of International Migration is a collection of the fundamental articles written by Giovanni Peri on the economic determinants and consequences of international migration.

Brings together a collection of papers that Robert M Stern and his co-authors have written. This collection addresses a variety of issues pertinent to the global trading system. It deals with globalization in terms of what the public needs to know about this phenomenon and the role of the World Trade Organization (WTO).

This volume is a collection of the author's scholarly work spanning a quarter century of inquiry into the causes of international business cycles. It starts with an introduction to international business cycle research. Part I reviews salient business cycle facts relating to quantities, prices and the driving forces of business cycles. Part II focuses on the role of risk-sharing and asset market structure in shaping business cycles and welfare. Part III deals with relative prices and the terms of trade stressing retail distribution, information frictions, and the need to tie commodity-specific shocks to particular nations or world regions. Part IV is a collection of work focusing on the inefficiencies brought about by the Hawley-Smoot tariffs and foreign retaliation. Further, because the tariffs were often specific (nominal amounts per physical quantity imported), they interacted with monetary policy in a way that exacerbated the Great Depression.The book provides the reader with an overview of key developments in international business cycle research that build upon the pioneering work of Nobel Laureates Finn Kydland and Edward Prescott, who built the first dynamic stochastic general equilibrium model of the closed economy, patterned along the lines of the US economy. As globalization has extended the span of international economic relationships, these modeling approaches have become essential for understanding business cycles today. These models and empirical methods are particularly relevant to our understanding of how domestic innovation, productivity change or policy action (fiscal, monetary and trade-related) feeds back across economies.

In Evolving Patterns in Global Trade and Finance, Professor Sven W Arndt offers succinct and rigorous explanations of important developments in trade, finance and international monetary relations. Topics include economic and monetary integration, cross-border production networks, and stabilization policy in orthodox and mixed exchange-rate regimes. The theoretical framework developed in this volume provides critical assessments of existing policies and practices, develops theoretical foundations for new and emerging patterns in trade and finance, and evaluates how well economists and policy makers are dealing (or have dealt) with the challenges they face. Readers will find the most in-depth and comprehensive discussion of international production networks ("off-shoring"), a detailed analysis of the implications for US economic stability and policy autonomy of its unorthodox exchange rate regime of fixed and floating rates, and insights into the causes of recent economic and financial turmoil in the global economy.

We live in an era of globalization: ever increasing international integration of goods, capital, and labor markets.

As a result of the recent financial crisis, there has been significant public debate on the role of the financial sector in bringing about the "Great Depression." More generally, there has been debate about whether the current industry structure has enhanced social welfare or served a detrimental role. This book is a collection of papers presented at the conference held at the Federal Reserve Bank of Chicago, in November 2012 that examined the social value of the financial sector as currently structured. Issues evaluated include what are the perceived benefits and costs of the current financial system? How valuable have industry innovations been for society? Should regulation be used to "move" the industry in a direction thought to be more valuable for society? Should "big" banks be broken up? What are the welfare implications of the current industry structure? In the book, leading industry scholars debate these issues with a goal of influencing public policy toward the industry.

The book Policy Externalities and International Trade Agreements is a selection of published articles examining how policy externalities motivate and can be addressed by international trading institutions. The studies provide groundbreaking evidence of the role of international market power and policy uncertainty as motives for trade agreements and on the potential clash between preferential trade liberalization (e.g. European Union, NAFTA) and multilateral agreements (WTO). The studies presented in this book not only identify and estimate how different policies interact with each other and across agreements, but also examine how international trading institutions can be used to limit redistribution towards special interest groups and enforce better cooperation across issues, such as labor and the environment, and between developing and developed countries.

Nontariff Measures and International Trade includes 20 chapters authored by John Beghin and co-authors over the last 20 years on the economics of quality-standard like nontariff measures in the context of international trade. This book provides a coherent and comprehensive treatment of these nontariff measures, from their measurement to their effects on trade and welfare. In Part I, the authors use different perspectives to make the case that, unlike tariffs, quality-standard like nontariff measures are complex to measure and analyze and do not easily lead to general policy prescriptions. Then, Part II contains contributions on measurements of welfare and trade effects of nontariff measures, accounting for potential market imperfections. Part III presents chapters on the potential protectionism of nontariff measures when they are used to favor some economic agents over society. The last part presents cases studies of nontariff measures in different industries, markets, and countries.

The author has virtually incomparable experience in both providing trade policy advice to more than 25 countries on behalf of the World Bank and also publishing quality journal articles in most of those cases. In this volume, he focuses on his work on: (i) trade policies for countries making the transition from planned to market economies; (ii) his trade policy guideline papers for the World Bank on trade policies for poverty alleviation, uniform tariff policy, adjustment costs of trade liberalization, exchange rate overvaluation, globalization and technology transfer and rules of thumb on regional trade policies; (iii) multilateral, dynamic and environmental issues in trade policy using computable general equilibrium models; (iv) trade policy of the United States in the auto and steel industries; and (v) mathematical methods for modeling. The papers show an unusual combination of policy relevance, advice and impact, with rigor and international trade theory insights.The papers in this volume have appeared in many of the economics profession''s more prestigious journals, including Econometrica, Review of Economic Studies, Quarterly Journal of Economics, Economic Journal, the Journal of International Economics, International Economic Review, European Economic Review, Canadian Journal of Economics, Economic Inquiry, the Journal of Comparative Economic, Review of International Economics, World Economy, the Southern Economic Journal, the World Bank Economic Review, the Japanese Economic Review and the Latin American Journal of Economics. In this book, the author elaborates on the articles by discussing some of the policy contexts for the requests for the work from developing and transition countries to the World Bank, the key trade theory or policy insights, policy recommendations and conclusions and the policy impacts.

e Great Financial Crisis of 2007-2010 has had a major impact on large cross-border banks, which are widely blamed for the start and severity of the crisis. As a result, much public policy, both in the United States and elsewhere, has been directed at making these banks safer and less influential by reducing their size and permissible powers through increased government regulation.At the Federal Reserve Bank of Chicago's 18th annual International Banking Conference, held in November 2015, the status of these large cross-border banks was critically evaluated. In collaboration with the World Bank, the conference held discussions on the current regulatory landscape for large and internationally active financial institutions; the impact of regulation on bank permissible activities and international trade; improvements in risk management; necessary repairs to the bank safety net; the resolution of insolvent banks operating across national borders; corporate governance for banks in the new environment; implications for market and government discipline; and, progress in achieving international cooperation.Contributors include international policymakers, practitioners, researchers, and academics from more than 30 countries. The papers from the conference are collected in this volume.

Free Trade Agreements (FTAs) have proliferated in East Asia as regional economies rush to catch up with the rest of the world - but what difference do they make? This book answers that question by providing an up-to-date assessment of the quality and impact of FTAs in the region. Featuring a collection of papers originally written for the prestigious Research Institute for Economy, Trade and Industry (RIETI) in Tokyo, it presents contemporary analysis and insights into the evolution of recent FTAs. The book is suitable for use by trade policy negotiators, policy analysts, and people developing business strategies in organizations, as well as graduate students and researchers in the field.

The International Economics of Wine provides a broad range of studies by Professor Kym Anderson and his co-authors of the international trade dimension of national, regional and global wine market developments over the past quarter-century. Prior to 1990, barely 10% of global wine production crossed national borders, but now that figure is 40%. In that short period, wine has switched from being one of the world's least-traded agricultural products to one of the most traded internationally. This has created an unprecedented boom for consumers, who have also witnessed huge improvements in the quality and diversity of wines available.The chapters in this book shed light on the causes and consequences of the dramatic transformation of the world of wine. An economic model of the world's wine markets, based on newly compiled data, makes it possible to quantify the likely effects of changes in incomes, consumer preferences, tax and trade policies, and exchange rates. Differential changes in technologies and winegrape varieties, and the opening up of cooler wine regions, have also altered comparative advantages in wine.

This book is a collection of important reference works by Bruce Blonigen on foreign direct investment (FDI). The book is primarily composed of empirical analyses of foreign direct investment behavior from an industrial organization and international trade perspective. These studies both examine determinants of FDI, as well as the effects of FDI on host and parent countries. The work examines FDI from a firm-level perspective and uses unique micro-level datasets to further understand firm-level FDI decisions and their impact on local economies. The volume should be valuable to both existing and new scholars in the field of international trade and international business. Much of the work is policy-oriented and so it will also be valuable to policymakers who follow the academic literature.

This volume brings together research papers dealing with the causes and consequences of offshoring. The first part considers causes and motives of offshoring. Using firm level data for countries such as Ireland, France, and the UK, this book looks at issues such as the increasing availability of business services or the internet, and improvements in intellectual property rights protection as stimulants of offshoring. The second part then looks at the implications of offshoring for the firms involved. Based on firm level data for Ireland, Sweden, the UK and a number of Emerging Market Economies, the book also focuses on productivity effects of offshoring as well as the implications for innovation activities of firms, and for profitability. The implications for workers of offshoring are dealt with in the third part of the volume. Studies are based on individual level data for Germany, Denmark and the UK and look at implications for individual level wages, in particular considering the importance of skills and occupations.

This volume collects 30 papers covering channels of international technology transfer; multinational firms, market structure, and welfare; intellectual property rights, foreign direct investment, and innovation; flexibilities contained in the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS); exhaustion of intellectual property rights and compulsory licensing of patents; trade, foreign direct investment, and industrial policy; and oligopolistic competition, research and development, and vertical contracts.

This volume collects 21 papers on the following topics: non-discrimination in the multilateral trading system; preferential trade agreements and multilateral trade liberalization; sustaining international tariff cooperation; and case-studies of WTO disputes.

Global and regional migration flows have exploded in the last few decades. Written by renowned migration expert, Francisco L Rivera-Batiz, this book provides a collection of articles offering a comprehensive overview of the economic analysis of migration flows and the associated policy issues. A rich discussion of the various theoretical approaches and empirical evidence available in economics is presented to analyze international and interregional labor migration. Furthermore, policy reforms, such as immigration policy changes made in the US and other countries in recent years, as well as innovative new approaches are examined. The chapters in the book focus on the economic impact of immigration, the consequences of the brain drain for developing countries, the characteristics of migrants and how they fare in host countries, the policy controversies surrounding undocumented immigrants, the determinants of attitudes and opinions about migrants, and the causes and consequences of interregional and internal migration. Overall, the book provides a guide for the serious, scientific analysis of migration flows.

It is timely to rethink of the relationship between regionalism and multilateralism in the Asian context, given that we are witnessing the proliferation of Free Trade Agreements (FTAs) in Asia. In the 1980s and 1990s, many scholars and policymakers considered that Asian integration was market-based, rather than legal-based and Asian integration would not be legalized. Currently there are many bilateral and plurilateral FTAs in Asia. This book investigates the appropriate relationship between regionalism and multilateralism with a special reference to recent FTAs in Asia. It is undeniable that the past multilateralism-regionalism debates centered on the trade in goods aspect. However, most FTAs in Asia cover several issues other than trade in goods or tariff liberalization. While GATT XXIV governs regional agreements in trade in goods, there is no or at most a thin agreement that stipulates the relationship between regionalism and multilateralism in areas other than goods. Thus, we should first carefully examine the meaning of "WTO compatible FTAs" in other than goods. The book then specifically asks the following questions: Are Asian regional agreements that cover several issues considered multilateralism-friendly? How does the relationship between regionalism and multilateralism differ between trade in goods and other issues (for example, services, trade facilitation and technical assistance)? What are the best practices that make the regional agreement multilateralism-friendly?

This volume is a collection of papers that apply general equilibrium theory in order to obtain policy relevant insights on topical issues of international trade and migration. The first set of papers focuses on European integration, applying dynamic numerical general equilibrium methods to quantify the effects of geographic extension of the European Union, including the effects of Eastern enlargement of the EU on incumbent Western member countries. The second set of papers deals with the trade effects of WTO membership, with special focus on the so-called extensive country margin, where new international trading relationships are formed. The third set of papers focuses on immigration, offering a rigorous theoretical analysis of the so-called immigration surplus as well as an econometric estimation of the gains and pain that Germany has forgone by initially restricting immigration from new EU member countries after the EU's Eastern enlargement in 2004. And finally, the book contains a set of theoretical papers on the distributional effects of offshoring.

This book provides new insights for policy debates on how to strengthen the gains from trade for innovation through an inclusive trading environment that facilitates access to knowledge for all. Rising economic nationalism, especially in the United States, creates new challenges to an enlightened globalization agenda.The US government has withdrawn from the Transpacific Partnership agreement (TPP) that once was considered to be the gold standard of megaregionalism, suggesting the need to highlight once again the critical role that international trade and investment play in fostering sustainable growth and prosperity. Fostering innovation and facilitating the links between trade and innovation are becoming increasingly important for developed and developing economies alike. But equally important are economic policies to ensure that gains and losses from trade for innovation are shared by all.This book is a must read for trade economists, innovation economists, trade negotiators, trade lawyers, and academicians interested in current transformations in the global economy and their impact on innovation and economic growth.