Stock market liberalizations lead private investment booms. In a sample of 11 developing countries that liberalized, 9 experience growth rates of private investment above their non-liberalization median in the first year after liberalizing. In the second and third years after liberalization this number is 10 of 11 and 8 of 11 respectively. The mean growth rate of private investment in the three...

Professor Crawford 2 " The ordinary means therefore to increase our wealth and treasure is by foreign trade, wherein we must ever observe this rule; to sell more to strangers yearly than we consume of theirs in value. " Thomas Mun, 1664. The movement of goods and services across borders has been a concern for as long as nation-states have existed. Now, in today's modern society of globalization...

Received: 5 June 2004 Revised: 2 May 2005 Accepted: 30 May 2005 Online publication date: 24 November 2005 Abstract This paper examines the impact of market liberalization on firm performance through institutional changes during the economic reform in China. The conceptualization focuses on the decentralization of control, ownership restructuring, and industrial policy as the primary institution...

This study examines the response of merchandise export to real exchange rate-based trade liberalization in Sub-Saharan Africa between 1980 and 2005. This is because the last two decades have witnessed a significant fall in trade barriers across many SSA countries in an attempt to boost exports and foster economic growth. The panel least squares estimation technique was adopted for the study. In...

In this article, we explore the issue of industrial agglomeration and its relationship to economic development and growth in the less-developed countries of East Asia. We present theoretical arguments and secondary empirical evidence as to why we should have strong expectations about finding a positive relationship between agglomeration and economic performance. We also review evidence from the...

The environmental impact of a regional trade agreement towards liberalization is an empirical question. The paper estimates the economic and environmental impacts of alternative trade policies of liberalization between six East Asian countries using Global Trade Analysis Project (GTAP) framework. The finding reveals that Japan will be in a winwin situation followed by Republic of Korea after ta...

There are several ways to reduce GHG emissions. Governments may introduce climate policies which provide incentives to save energy or directly reduce emissions. Governments may also re-shape existing industrial or trade policies to reduce their negative impacts on GHG emissions. The case of trade policies is particularly interesting. Trade liberalization can foster economic development, thus in...