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Policies facilitating firm adjustment to globalization (Inglês)

The authors focus on policies facilitating firm adjustment to globalization. They briefly review the effects of trade and investment liberalization on firms, focusing on within-industry effects. They postulate that governments' role in supporting the process is to (1) ensure that firms face "right" incentives to adjust, and (2) intervene in areas where market failures are present. Their main message is that while many policies could be adopted to address market failures, they need to be carefully designed and implemented in a stable macroeconomic environment. An institutional infrastructure that supports the functioning of modern markets is most important. Proactive support policies of whatever stripe should be subject to cost-benefit analysis, based on the existence of an identified market failure, and monitored for performance and cost effectiveness. Transparency and accountability are critical in ensuring that interventions accomplish their intended objectives rather than being vehicles for rent seeking.


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    Hoekman,Bernard M., Smarzynska Javorcik, Beata

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    Documento de trabalho sobre pesquisa de políticas

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    Regiões Mundiais,

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    Policies facilitating firm adjustment to globalization

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    protection of intellectual property right;Education and Training Policy;access to foreign market;access to new technology;removal of trade barriers;trade and investment;market failure;effect of trade;provision of information;Social Safety Nets;high quality goods;Rule of Law;interest rate subsidy;effect of privatization;soft budget constraint;foreign direct investment;hard budget constraint;movement of labor;passive learning model;international financial institution;reallocation of investment;Labor Market Flexibility;benefits of globalization;foreign market access;price of export;price of imports;trade policy reform;technical skills training;local financial market;technical assistance provider;rates of interest;efficient resource allocation;good investment climate;impact of competition;access to bank;incentives for agents;lack of finance;high growth rate;quality of outputs;return to innovation;transfer of technology;human capital endowment;open trade policies;total factor productivity;multilateral trade negotiation;standard of living;flexible labor market;competition in service;quality of product;improvements in management;impact of trade;factor of production;restructuring of industry;barrier to entry;agriculture and service;benefits from globalization;regional trade agreement;national innovation system;labor market restrictions;long term credit;terms of trade;trade adjustment assistance;labor productivity growth;regional innovation system;knowledge from university;liberal trade policy;import of technology;direct foreign investment;international trade negotiation;foreign trade barriers;financial sector policy;measure of trade;lack of demand;improving market access;panel data set;reductions in tariff;adjustment cost;Technology Transfer;foreign entry;competition effect;Trade Law;macroeconomic environment;Exchange Rates;intermediate input;foreign technology;absorptive capacity;investment liberalization;domestic distortions;social objective;business opportunity;support policy;domestic producer;business environment;asymmetric information;policy priority;policy stance;mediterranean countries;Transition economies;government action;cost-benefit analysis;competition policy;local competitors;horizontal spillover;adapt technology;managerial incentive;Competition Law;financial intermediation;local source;average cost;adequate infrastructure;increased competition;retraining program;domestic enterprise;foreign good;international competition;average productivity;trading partner;rent seeking;foreign investor;business relationship;local company;perverse incentives;institutional infrastructure;Macroeconomic Policy;informal sector;quality certification;coordination problem;negative effect;trade credit;information asymmetry;declining industry;transition economy;demonstration effect;manufacturing productivity;knowledge externality;transport cost;downstream sector;local regulation;foreign country;increase productivity;multilateral efforts;increased openness;proprietary technology;inventory management;foreign ownership;local economy;technology front;foreign knowledge;technology park;basic research;standards institute;domestic reform;policy shock;global market;facility management;expected return;driving force;defective product;multinational survey;adjustment process;comparative advantage;technological change;modern business;foreign company;domestic supplier;technology spillover;productivity spillovers;export activity;productive sector;macro study;foreign capital;european commission;cost sharing;factor market;primary focus;investment incentive;public economics;privatization benefits;trade remedy;welfare gains;legal constraint;social adjustment;financial structure;evaluation process;supplier development;technology absorption;market opportunity;regulatory requirement;trade police;firm performance;WTO Accession;internal factor;production process;natural person;temporary movement;external market;product attribute;successful innovation;tax policy



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