However, they also confront developed and less developed countries LCDs with difficult policy choices. Developed Countries DCs have to find a compromise between competitiveness and high labour costs, and between trade liberalization and immigration controls. LCDs have to decide whether to export labour or goods, and to accept foreign resources for development rather than migration. While, in the literature, the impact of globalization has been largely studied from specialist perspectives, this volume offers a comprehensive view of the issue.
In Globalization of Labour Markets: Challenges, Adjustment and Policy Response in the European Union and Less Developed Countries international experts: Explain the welfare implications of export of goods and labour from LCDs to the DCs from the perspective of both international and labour economics; Shed light on the possible relationship between foreign direct investment and migration; Offer a better understanding of the experiences of Asian, Latin American and African countries with exporting goods or labour; and Discuss the different policy responses to the globalization of labour markets in the European Union, East and South-East Asia and Latin America, while being aware of inter-country variations within these regions.
Multilateralism and regionalism in the post-Uruguay Round era : what role for the EU? This has stimulated theoretical discussion on whether the policy of pursuing PTAs will have a malign or a benign impact on multilateralism.
Food consumption trends and drivers
In the former case, proliferation of PT As may increase protection in global trade due to trade diversion effects, thereby creating impediments to multilateral freeing of global trade. In the latter case, the expansion of PTA membership could ultimately lead to non-discriminatory global free trade. At the core of this discussion is the question of how to explain the preference for PTA membership.
This book offers a closer look at the motives of policy makers in both developed and developing countries to still adhere to PTAs, notwithstanding the theoretical superiority of multilateralism, and addresses the question of how to bring order into the world trading system. Each paper is discussed in terms of its policy relevance by a policy maker as well as by an academic specialized in the field.
Although there has been some discussion of the possible implications of this new EU orientation for EU-LDC relations, relatively little detailed analysis of the trade and capital issues involved has been undertaken. Decoding organic standard-setting and regulation in Europe by Peter Gibbon Book 3 editions published in in English and held by 13 WorldCat member libraries worldwide. The role of intellectual property rights in technology transfer and economic growth : theory and evidence by Rodney E Falvey Book 3 editions published in in English and held by 13 WorldCat member libraries worldwide.
Global value chains in the agrifood sector by John Humphrey Book 3 editions published in in English and held by 12 WorldCat member libraries worldwide Trends in global agribusiness and their consequences for strategies to eradicate poverty through increasing export growth are analysed in this paper using the GVC perspective. Regional innovation systems as public goods by Philip Cooke Book 3 editions published in in English and held by 12 WorldCat member libraries worldwide. After surveying the relevant theoretical and empirical literature on structural change, we discuss the historical evolution of agriculture, industry and services in terms of their share of world value added.
Transition in Central and Eastern Europe. Implications for EU-LDC relations.
Then a single pan-European trading zone will become a free trade zone. This strikes as a huge return from integration. Some original drawbacks were eliminated over the accession process. Others lost their relevance once accession negotiations were launched. It would be difficult to estimate the portion of FDI inflows for which the EAs bear direct responsibility, yet their implementation has amounted to the promise of a country becoming part of a larger market, as well as providing assistance in the establishment of market-supporting institutions. First, with their rich collection of instruments of managed trade, the Agreements have offered back-door entry for those demanding higher levels of government intervention in the economy and encouraging a shift to managed trade During the initial stages of the transition, CEECs significantly liberalized their foreign trade regimes.
Various provisions related to safeguard clauses, trade in automobiles and apparel especially outward processing traffic rules , are a potentially major factor in the erosion of the initial commitment of many CEECs to free trade. Empirical evidence suggests that liberalization of foreign trade is an important factor in attracting FDI. The lack of stronger commitments to liberalization might have weakened the interest of foreign investors. As for foreign direct investment, this contingent protectionism affects not only non-EU firms, but also those from non-EU countries.
The rules of origin could easily be used as protectionist tools, influencing sourcing decisions by firms in both the EU and CEECs On a positive note, they provided incentives to EC firms to invest in production in CEECs, thus setting the groundwork for the development of intra-industry trade. As a result, many potential investment opportunities were lost—a point of considerable consequence given the relatively large involvement of non-EU firms in investment in CEECs. However, the Commission addressed this issue by first replacing bilateral cumulation with diagonal cumulation, extending local content to the founding members of CEFTA the Czech Republic, Hungary, Poland, and the Slovak Republic.
In a new system of rules of origin extended the common local content rule the so-called European cumulation of the rules of origin to ten CEECs. Leaving aside higher investment attracted by economies of scale associated with access to EU markets, other provisions aligning economic regimes with those in the EU were even more significant inasmuch as they improved the business climate. The right of establishment of foreign firms as well as commitments to liberalize access to services, along with other provisions envisaging an orderly process of interaction between the EU and its associate members, serve as a credibility-enhancing mechanism.
Generally, free trade agreements do not allow each signatory to use a drawback rule—that is, refunding exporters for duties paid on imported inputs. Since tariffs may vary across participating countries, this might give an extra advantage to an exporter shipping its products to another country. An outside investor targeting EU markets and investing in a CEEC could save on import duties, since a similar investment in the EU would be subject to duties on the import of inputs.
With some modifications, this provision remained in place until the end of In , CEECs can no longer reimburse exporters for duties paid on imports, as the Pan-European Cumulation is based on a no-drawback principle. With the exception of the Czech Republic the rates of which were close to EU levels and Estonia which had zero tariff rates for almost all products , CEEC tariff rates are significantly higher than those of the EU.
As tariff rates on EU imports have been lowered by CEECs in accordance with provisions of the EA, the extent of reverse discrimination against nonpreferential suppliers for example, the United States and Japan has been on the increase. So has the potential for trade diversion, often to more expensive suppliers in the EU.
They seem to have been the main beneficiaries of this provision, as high tariff rates kept competitors from non-EU countries at a disadvantage. These benefits appear to occur when a developing country that is already committed to a liberal regime becomes a party of the agreement.
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The enhanced growth potential of a country results in higher growth of real GDP triggered by the increased inflow of FDI. By the same token, these arrangements have a potentially positive impact on the macroeconomic situation. In order to address this question, one may start by asking if the European Commission has picked up the most institutionally advanced negotiation countries for accession. These countries are in bold text in Table They can be used as a proxy for institutional advancement. Not surprisingly, the two are strongly correlated.
Five first-wave negotiators are at the top in terms of both these variables, with Hungary and Poland leading the pack. Hence, countries most advanced in establishing market-supporting institutions are also most advanced in the accession process. Table They were also highly concentrated, with CEECs accounting for more than eighty percent of total inflows since and the balance going to other former Soviet republics FD1 inflows show similar distribution. Hungary was clearly at the top. Regional arrangements do not provide a full explanation. Such associates as Bulgaria, Lithuania, Romania, and Slovakia attracted fifty percent less than Poland, which is at the bottom of first-wave countries in terms of FDI per capita.
On the other hand, associates are clearly at the top. Thus, the accession process is a necessary though not sufficient condition. Institutional environment especially appears to stand out. Using a vigorous econometric analysis, Garibaldi shows that the legal and political climate rather than macroeconomic fundamentals have shaped FDI flows to transition economies It appears that macroeconomic stability without a business-friendly environment is not enough to attract foreign investment.
Food consumption trends and drivers
Claessens, Oks, and Palastri arrive at a similar conclusion, linking progress in economic reforms with FDI These conclusions find support in simple calculations of correlation coefficients between total FDI per capita from to column 9 in Table There appears to be a strong positive correlation between FDI and institutional parameters 0. Hungary opted for privatization to an outside investor and opened the so-called strategic sectors telecommunications, utilities, and financial services to foreign investors.
Privatization-related FDI flows to Hungary accounted for around forty percent of total inflows. But it does not explain the variation among CEECs, since neither market access nor provisions concerning the right of establishment discriminate across EA signatories; these are roughly the same. Such observations seem to suggest that EU integration is at most a necessary, but not sufficient, condition. It serves as a credibility-enhancing mechanism insofar as the government is committed to liberalization of the economic regime.
And it also provides insurance against government policies that are potentially hostile to foreign investors. The Czech Republic implemented a radical macroeconomic stabilization program but did not extend it to microeconomic restructuring. So did Slovenia. On the other hand, Hungary followed gradualism in macroeconomic stabilization but adopted a radical approach to microeconomic restructuring. Estonia and Poland followed relatively radical paths in both policy areas. The EU did not seem to weigh in these strategic decisions. This appears to be the price for delays in microeconomic adjustment.
Other first-wave entrants have been consistent growth performers and significant recipients of FDl. These underpinnings include control of public expenditure as well as sufficient budget flexibility to deal with real shocks in a countercyclical fashion. Both inflation rates and long-term interest rates remained stubbornly high. Since CEECs un-dertraded with the West before , a sizable reorientation would have occurred with or without preferential agreements. This alone, however, probably does not explain the magnitude of the increase.
Consider, for instance, that between and the value of aggregate exports of the Czech Republic, Hungary, and Poland doubled. Admittedly, the EU has an extensive web of preferential arrangements with many of its trading partners. Consequently, a number of preferred partners compete in EU markets on the same footing with products originating in CEECs. These agreements, however, do not cover such formidable exporters as East Asian countries including China , Canada, the United States, and exporters with the potential to compete in many similar products, such as states that emerged from the dissolution of the Soviet Union.
Exporters from these countries are subject to MFN treatment. The dismantling of central planning has activated their reintegration into world markets driven not exclusively by politics but mainly by economics. Its notability stems from the full overlap of the economic interests of deeper integration into the EU with political and national security considerations It critically hinges on how a country approaches the integration process.
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When the process moves to a higher stage, the pressure on acceding countries to harmonize their regulatory frameworks not only accelerates, but becomes more structured. First, the EAs, establishing the process of deeper integration, were signed after CEECs launched their stabilization-cum-transformation programs. Second, the Association Agreements were devoid of incentives to reward CEECs for moving quickly in their transitions to market-based democracies.
Rather, they offered easy exits and lacked a well-defined promise of membership.
Finally, one finds both laggards and quick reformers among countries that have signed the EA. For instance, such countries as Bulgaria and Romania have failed to take advantage of the opportunities offered by the EA.
They not only moved slowly toward implementing the requirements of the acquis driven by the EA, but also failed miserably in achieving macroeconomic stability and micro-economic restructuring. If anything, this shows the congruence of transition and EA requirements. First, in order to obtain high returns thanks to the enhanced credibility of reforms, a government has to be strongly committed to a liberal economic regime from the start.
Second, the agreement has to be deep and extensive and contain transparent punishment mechanisms.
Between Past and Future
Market access provisions and those related to the right of establishment for foreign firms have provided an incentive to FDI. But the EA was only a necessary condition. Microeconomic environment friendly to private business, the mode of privatization, and improvements in the rule of law seem to explain the variation in FDI flows to CEECs.
For all of them the EU was a potential trading partner and source of capital and technology.
However, this potential was not explored, and the members of the Council for Mutual Economic Assistance were their primary partners. With the collapse of central planning, the EU quickly emerged as their largest trading partner. It offered exporters preferential status vis-a-vis MFN suppliers. Expanding exports eased the pain of transformation, led to economic recovery in CEECs, and generated resources to buy imports. Radical reformers experienced the fastest reorientation of foreign trade towards the EU and recovery of economic growth. Presidents of Mercosur-member countries, acting upon a clause of the Treaty of Asuncion stipulating that democracy is a necessary condition of membership, threatened to oust Paraguay from Mercosur THE Economist, 12 October October Brian Salter and M.
Presented dissertation research to a conference on regional relations for the Univ. E Smith.
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