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DESCRIPTION:Trade Development and Politcal Economy presents: Merideth Crowl
 ey on Emerging Economies\, Trade Policy\, and Macroeconomic Shocks Emergin
 g Economies\, Trade Policy\, and Macroeconomic Shocks Authors: Chad Bown(T
 he World Bank) and Merideth Crowley(Federal Reserve Bank\, Chicago) Abstra
 ct: This paper estimates the impact of macroeconomic shocks on the trade p
 olicies of thirteen major emerging economies from 1995 through 2010 and pr
 ovides evidence of a strong countercyclical relationship. First\, the auth
 ors focus their analysis of import protection on carefully constructed\, b
 ilateral measures of the temporary trade barriers (TTBs) – antidumping\, s
 afeguards\, and countervailing duties – that have become some of the most 
 important time-varying trade policies that emerging markets used since the
  inception of the WTO. Second\, they examine the role of WTO commitments –
  promises to keep tariffs below specified maximum levels – as a determinan
 t of TTBs. After controlling for this phenomenon as well as bilateral real
  exchange rate fluctuations\, they find strong evidence that new import pr
 otection is related to negative macroeconomic shocks. Finally\, the broad 
 pattern to the results holds for a restricted sample comprised of the majo
 r G20 emerging economies\; countries that by 2010 accounted for 18 percent
  of world merchandise imports and 20 percent of world GDP. Lastly\, they f
 ind that adoption of a floating currency\, in conjunction with a real depr
 eciation\, leads to fewer temporary trade barriers in the following year. 
 Short Bio: Meredith Crowley is a senior economist in the economic research
  department at the Federal Reserve Bank of Chicago. Meredith’s research in
 terests are in international trade and developments in the world economy. 
 Her research on international trade\, the World Trade Organization\, speci
 al forms of import protection and technology adoption has been published i
 n well-known economics journals. Monday\, December 3\, 2012 4:00 pm 341 Eg
 gers Hall
DTEND:20121203T220000Z
DTSTAMP:20260511T040043Z
DTSTART:20121203T210000Z
LOCATION:
SEQUENCE:0
SUMMARY:Trade Development and Political Economy presents: Merideth Crowley
UID:RFCALITEM639140544434213053
X-ALT-DESC;FMTTYPE=text/html:Trade Development and Politcal Economy present
 s: Merideth Crowley on Emerging Economies\, Trade Policy\, and Macroeconom
 ic Shocks Emerging Economies\, Trade Policy\, and Macroeconomic Shocks Aut
 hors: Chad Bown(The World Bank) and Merideth Crowley(Federal Reserve Bank\
 , Chicago) Abstract: This paper estimates the impact of macroeconomic shoc
 ks on the trade policies of thirteen major emerging economies from 1995 th
 rough 2010 and provides evidence of a strong countercyclical relationship.
  First\, the authors focus their analysis of import protection on carefull
 y constructed\, bilateral measures of the temporary trade barriers (TTBs) 
 – antidumping\, safeguards\, and countervailing duties – that have become 
 some of the most important time-varying trade policies that emerging marke
 ts used since the inception of the WTO. Second\, they examine the role of 
 WTO commitments – promises to keep tariffs below specified maximum levels 
 – as a determinant of TTBs. After controlling for this phenomenon as well 
 as bilateral real exchange rate fluctuations\, they find strong evidence t
 hat new import protection is related to negative macroeconomic shocks. Fin
 ally\, the broad pattern to the results holds for a restricted sample comp
 rised of the major G20 emerging economies\; countries that by 2010 account
 ed for 18 percent of world merchandise imports and 20 percent of world GDP
 . Lastly\, they find that adoption of a floating currency\, in conjunction
  with a real depreciation\, leads to fewer temporary trade barriers in the
  following year. Short Bio: Meredith Crowley is a senior economist in the 
 economic research department at the Federal Reserve Bank of Chicago. Mered
 ith’s research interests are in international trade and developments in th
 e world economy. Her research on international trade\, the World Trade Org
 anization\, special forms of import protection and technology adoption has
  been published in well-known economics journals. Monday\, December 3\, 20
 12 4:00 pm 341 Eggers Hall
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