Institute of World Economy
Shanghai Academy of Social Sciences
622 Huaihaizhong Rd.
Institutional Affiliation: Institute of World Economy, Shanghai Academy of Social Sciences, and S
NBER Working Papers and Publications
|June 2016||Global Service Efficiency and the Role of Special and Differential Based Negotiation|
with : w22362
This paper argues that the pursuit of special and differential treatments (SDT) by developing countries has hampered the liberalization of global service trade, which is one of the causes of the only slowing improving of service efficiency globally. We use value added per worker as a proxy of production efficiency, and show the growth rate of service efficiency is much lower than agriculture and industry. Despite the progress in world commodity market integration in past half century, the world service market remains highly segmented, which can be seen clearly from the World Bank’s STRD index and CHB index. We argue that the SDT negotiation contributes to the service market segment, and give three reasons on why it is difficult for developing countries to be granted SDT in service. In the ...
|June 2015||Assessing the Effects of the MFA/ATC from US and World Trade Data after Its Removal|
with : w21299
In this paper we assess the effects of the MFA/ATC using both world trade and US data after its removal. Previous literature assesses its effects while in operation. The trade data we analyze are consistent with theoretical predictions of more trade volumes, lower product prices, smaller effect of RTA on trade, less transshipment and quota hopping investment, and higher country concentration of exporters. We also find the effects of the MFA on clothing trade were more significant than for textiles trade. The benefits from freer trade in textiles and clothing shed light on other sectors that are still under trade protection.
|February 2015||The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts|
with : w20924
The China (Shanghai) Pilot Free Trade Zone (SPFTZ) founded one year ago is a trial for China’s new round of reform and opening out, which has promised liberalization on capital account and trade facilitation as its main objectives. Here we discuss the differences between the SPFTZ and other free trade areas, and the developments of the SPFTZ in the past year. We also make a preliminary assessment of the SPFTZ’s initial impacts, especially of its impact on China’s capital account opening and financial liberalization. It is possible that the successful practice of the SPFTZ and more pilot policies replicated in China will give rise to a more balanced Chinese economy in the following decade.
Published: Daqing Yao & John Whalley, 2016. "The China (Shanghai) Pilot Free Trade Zone: Background, Developments and Preliminary Assessment of Initial Impacts," The World Economy, vol 39(1), pages 2-15.
|January 2015||An Evaluation of the Impact of the China (Shanghai) Pilot Free Trade Zone (SPFTZ)|
with : w20901
In this paper we present evidence as to the effects of the China (Shanghai) Pilot Free Trade Zone (SPFTZ) on China’s capital controls. The start of the SPFTZ in September, 2013 was a trial to introduce a combination of exchange rate floating and capital account liberalization into China’s macro policy mix. We employ three methods to test the SPFTZ’s impact on capital controls: price spread tests between CNH and CNY, RMB yield gaps between onshore and offshore RMB markets, and Granger causalities among China’s money supply and the foreign interest rates. All these tests give consistent results suggesting that the impact of China’s capital controls is weaker since the SPFTZ.