The effects of globalisation have been at the forefront of public debate in recent years, fuelled on the one hand by the large benefits of integrated markets, and on the other hand, by the detrimental adjustment effects often experienced by many economies as a result. Knowing how trade has been evolving over time and the role policy has played in this evolution are critical to understanding the globalisation debate and grasping the lessons for future policy development. The comparative advantage hypothesis has been suggested as one of the principal explanations of international trade and of the benefits associated with openness. It has also provided the intellectual underpinnings for most trade policy in the past 50 years. This book collects OECD work that builds on recent contributions to the theory and empirics of comparative advantage, putting particular emphasis on the role policy can play in shaping trade.
Exchange rate levels affect trade flows in agriculture and in the manufacturing and mining sector in China, the Euro area and the United States, though they do not explain in their entirety the trade imbalances in these three economies, this paper finds.
This Inventory provides reliable and comparable data on support or tax expenditures for fossil fuel production or use in OECD countries. Reforming fossil fuel subsidies can contribute to achieving economic and fiscal objectives, while also tackling environmental problems like climate change.
Governments and taxpayers spent about half a trillion dollars last year supporting the production and consumption of fossil fuels. Removing inefficient subsidies would raise national revenues and reduce greenhouse-gas emissions, according to OECD and IEA analyses.
On the 50th anniversary of the OECD, we examine the unique work the organisation performs in regulating and rationalising governments’ use of export credits in support of exports, jobs, economic growth and national interests more broadly. This work is part of a global post war effort to emphasise multilateral co operation and sound economic policies to promote co operation, efficiency and prosperity rather than destructive competition, controversy and conflict.
OECD export credits work is one of the basic building blocks of the ever growing structure of global trade agreements that aim to maintain open and efficient markets. The objective is to eliminate subsidies and unfair practices in the economic competition that forms the foundation of a healthy and dynamic global economy. The elimination of official financing subsidies in global trade is only a part of the broader trade policy agenda, but it is a vital part, and has been delegated to the OECD by the WTO. Since financing is the life blood of trade flows, specialised OECD housed work allows trade to flow efficiently for aircraft and other capital goods while other trade policy work and litigation continue at the WTO.
The export credits work at the OECD is described in this collection of essays. However it is about much more than the series of agreements described herein. It is more fundamentally about the governments and their people - policy makers and experts - who gather at the OECD to build collectively a system of export credits disciplines that is fair, transparent, adaptable and effective. It is therefore as much about people and ideas as anything else. The export credit secretariat pictured above represents only the latest in a long line of OECD staff committed to facilitate and advise this work.
The OECD’s motto on its 50th anniversary is “Better Policies for Better Lives.” This reminds us that in the end, it is policies that are at the centre of human well being. And export credits work is about promoting these better policies by developing “smart rules” that open markets and maintain a level playing field and by bringing people and governments together to this end.
Government support to agriculture in OECD countries fell to 18% of total farm receipts in 2010, a record low linked to high commodity prices, but has been rising in large emerging economies, according to a new OECD report.
Rules on the minimum premium for officially supported export credits.
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Challenges with respect to trade and jobs – and the interface between the two issue areas – remain near the top of policy agendas for OECD members and partner countries around the world. Globalisation has been a critical force driving increased economic integration and structural change, resulting in greater employment opportunities and welfare, but also creating adjustment difficulties including in the labour market. Through its deep
How will emerging economies influence global trade and investment? Journalist Narayan Lakshman (The Hindu, India) moderates this OECD Forum 2011 session featuring EU Trade Commissioner Karel De Gucht, UK trade minister Lord Green, and others.