Intro -- Half Title Page -- Title Page -- Copyright -- Contents -- About the Editors and Contributors -- Acknowledgments -- Abbreviations -- 1 Managing Openness: From Crisis to Export-Led Growth, Version 2.0 -- Roots of the Crisis and Global Imbalances -- The Impact of the Global Financial Crisis on Trade and Protectionism -- Should Countries Reassess Export Orientation? -- Changing Dynamics in Global Trade -- The New Trade Policy Agenda -- Conclusion -- Bibliography -- Part I The Crisis, Global Imbalances, and Rebalancing -- 2 Managing Openness: Lessons from the Crisis: for Emerging Markets -- Who Was Hit, and Why? -- Why Was the Collapse of Trade So Dramatic? -- The Role of Global Imbalances -- How Should Emerging Markets Respond? -- In Sum -- Notes -- Bibliography -- 3 Global Imbalances: Past and Future -- The Nature of Global Imbalances -- The Future of Global Imbalances and Implications for Developing Countries -- Conclusion -- Notes -- Bibliography -- 4 Rebalancing Trade after the Crisis -- The Decline in Global Imbalances: Rebalancing versus the Trade Collapse -- Rebalancing across Countries and Future Trade Growth -- Conclusion -- Notes -- Bibliography -- 5 An Anatomy of Trade in the 2008-09 Crisis -- Changes in the Intensive and the Extensive Margins -- Demand and Supply Shocks -- Variation by Product Type -- Variation by Income Group -- Were Any of These Trends Present before the Crisis? -- Conclusion -- Notes -- Bibliography -- 6 Developing Countries, New Trade Barriers, and the Global Economic Crisis -- Protectionism from the Perspective of Domestic Industries and Importing Economies -- Developing-Country Exporters and the Incidence of Crisis-Era Protectionism -- Policy Implications and Conclusions -- Notes -- Bibliography -- 7 Turning toward China? The 2008 Crisis and Its Influence on Brazil's Development Model.

Trends in Brazilian Trade Orientation before the 2008 Crisis -- The 2008 Crisis: Impacts and Responses -- The "Exit" and New Directions in Development -- Bibliography -- Part II Open but not Dependent: South-South Trade and Export Diversification -- 8 Changing Dynamics in Global Trade -- The New Drivers of Global Trade -- The Effects of Changes in Demand on Supply Patterns -- Conclusion -- Notes -- Bibliography -- 9 Sources of Export Growth in Developing Countries -- Recent Trends in Global Trade and GDP -- Are Global Trade Patterns Sustainable in the Future? -- Conclusion -- Notes -- Bibliography -- 10 China's Trade and Investment with the South Pre- and Postcrisis -- China's Trade with the South, 1995-2007 -- China's Future Trade with the South -- China's FDI Flows with the South -- The Financial Crisis and China's Southern Trade -- China's Trade Performance and That of Other Asian Countries during the Financial Crisis -- Institutional Dimensions of China's Growing Southern Links -- Concluding Remarks -- Note -- Bibliography -- 11 Volatility, Export Diversification, and Policy -- The Effect of Increased Trade Openness on Vulnerability to Global Shocks -- Most Countries Benefit from Increased Openness -- Facilitating Export Diversification -- Conclusion -- Notes -- Bibliography -- 12 The Effects of Exports on Productivity and Volatility: Evidence from Malaysian Firm-Level Data -- The Effect of Exports on Productivity -- The Effect of Exports on Output Growth Volatility -- Conclusion -- Bibliography -- Part III Lessons in Managing Openness from Country and Regional Experiences -- 13 The International Crisis and Latin America: Growth Effects and Development Strategies -- Latin America's Growth Performance -- Explaining the Amplitude of the 1998-99 and 2008-09 Recessions -- Implications for Policies and Growth Strategies -- Final Remarks -- Notes.

Bibliography -- 14 The Economic Crisis of 2008-09 and Development Strategy: The Mexican Case -- Dimensions of the Crisis -- The Channels of Transmission -- The Policy Response -- Why Was the Crisis So Severe? -- Looking Ahead: The Crisis, Macroeconomic Policy, and Development Strategy -- The Reform of Monetary and Exchange-Rate Policy -- Conclusions -- Notes -- Bibliography -- 15 The International Crisis and Development Strategies: The Case of Chile -- Chilean Development Strategy -- World Economic Cycle and Chile's Growth -- Transmission Mechanisms of the 2008-09 Economic Crisis -- Overall Impact of the 2008-09 Economic Crisis on Chile -- Chilean Policy Reaction to the 2008-09 Crisis -- Conclusions -- 16 The International Crisis and Development Strategies: The Case of Malaysia -- State of the Malaysian Economy before the Global Crisis -- Impact of the 2008 Global Crisis -- Recovery -- Malaysia's Development Strategies Going Forward -- Proposals for Bringing Sustained High Growth to Malaysia -- 17 Should Indonesia Say Goodbye to Its Strategy of Facilitating Exports? -- The Impact of the Global Financial Crisis on Indonesia -- Should We Say Goodbye to the Strategy of Facilitating Exports? -- Export Diversification: The Indonesian Experience -- How to Promote Export Diversification: The Role of Policy -- Conclusion -- Notes -- Bibliography -- 18 India: Managing Openness for a Rapidly Developing Domestic Market -- India's Recent Growth Experience -- India's Growth Model: Greater Openness but Also a Rapidly Developing Domestic Market -- India's Approach to Capital Account Liberalization -- Macroeconomic Management and Capital Flows -- Annex: Framework for Quantifying Policy Choices under the Impossible Trinity -- Notes -- Bibliography -- 19 Exports and Export Diversification in Sub-Saharan Africa: A Strategy for Postcrisis Growth.

The Importance of Export Structure -- Trends in Exports and Export Diversification -- The Effect of Exports and Export Diversification on Growth -- The Economic Crisis in Sub-Saharan Africa -- Policy Implications for Postcrisis Export Strategies -- Bibliography -- Part IV Emerging Trade Policy Issues in the Postcrisis Environment -- 20 Structural Changes in Commodity Markets: New Opportunities and Policy Challenges for Commodity Exporters -- Structural Changes in Commodity Markets -- Prospects for Commodity Prices -- A Historical Account of the Commodities Literature -- Policy Recommendations to Foster a Sectorally Balanced, Resource-Based Economy -- Conclusions -- Notes -- Bibliography -- 21 Global Production Networks in the Postcrisis Era -- Drivers in the Spread of GPNs -- Mapping Global Production Networks: China's Processing Trade Regime -- Peak Oil and Intra-GPN Trade -- Intra-GPN Trade and the Global Recession -- Conclusion -- Notes -- Bibliography -- 22 The 2008-09 Recession: Implications for International Labor Migration -- Recent Trends in Population and Migration -- Future Supply of Migrants -- Economic Implications of Migration -- Conclusions and Recommendations -- Notes -- Bibliography -- 23 Trade and Climate Policies after the Crisis -- The Contours of the Next Multilateral Climate Agreement -- The Role of Trade in GHG Mitigation -- Climate Change and the WTO -- Final Reflections: Lessons from World Trade for Governing Climate Change -- Notes -- Bibliography -- Index -- Back Cover.

The global financial crisis triggered a broad reassessment of economic integration policies in developed and developing countries worldwide. The crisis-induced collapse in trade was the sharpest ever since World War II, affecting all countries and all product categories. A huge shock to the trading system, combined with severe macroeconomic instability, makes it natural for policymakers to call into question the basic underlying assumptions of trade liberalization and openness. In particular, outward-oriented or export-led growth strategies are being reassessed as openness is increasingly associated with greater volatility. However, it is crucial not to lose sight of the dynamic benefits that openness can offer. Examples include technology transfer, increased competitive pressure that reduces markups and improves efficiency, and economies of scale. The real question is how to manage outward-oriented strategies so as to maximize the benefits of openness while minimizing risks. This book aims to contribute to this important and ongoing policy debate, bringing together recent empirical work on the trade collapse, its causes and consequences, and the broader trade policy agenda in the post-crisis environment. It addresses critical policy issues revolving around the topic of outward-oriented growth strategy, including policy instruments that help manage risks associated with outward-orientation, lessons learned from the crisis for particular countries and regions, and how emerging trade policy issues such as climate change, commodities, global production networking, and migration affect the prospects for recovery and outward-oriented growth.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.