The liberalization of trade and trade imbalances
Keywords:
trade imbalances, economic development, macroeconomic effect, liberalization, balance of payments, economic crisisAbstract
In the article the availability of long-term direct relationship between liberalization of the foreign trade regime and positive macroeconomic effects is substantiated. It was determined that under long global financial and economic crisis worsening results of participation of national economies in the international trade is connected with low capacity to redirect on the domestic market. The external (coagulation external demand, increased competition) and internal (disproportion in GDP and external sector) factors underlie in the basis of strengthening of trade imbalances. Priority directions of modern trade policy as impact instrument of regulation of the current balance and reduction of trade imbalances are revealed. The attention is focused on the features of the traditional method of regulation of trade imbalances, which is restricted by procedures agreed within the World Trade Organization. The principle of rejection of the quantitative restrictions on trade for WTO members is revealed. The conditions for granting rights of countries to implement quantitative restrictions as protection of current account of the balance of payments and elimination of rapidly rising trade imbalances are identified.References
Halit Yanikkaya. Trade openness and economic growth: a cross-country empirical investigation/ Yanikkaya Halit//Journal of Development Economics. – 2003. – №72. – Р.57–89[Електронний ресурс]. – Режим доступу: http://ideas.repec.org/a/eee/deveco/v72y2003i1p57-89.html
Allan D. Brunner. The Long-Run Effects of Trade on Income and Income Growth[Електронний ресурс] – Режим доступу: http://www.imf.org/external/pubs/ft/wp/2003/wp0337.pdf
Shepherd B. Geographical diversification of developing country exports//MPRA Paper No/ 11267, posted 27[Електронний ресурс] – Режим доступу: http://mpra.ub.uni-muenchen.de/11267/2/MPRA_paper_11267.pdf
Huiwen Lai, Daniel Trefler Competition: Specification, Estimation, and Mis-Specification//NBER Working Paper Series. 2002[Електронний ресурс] – Режим доступу: http://www.nber.org/papers/w9169
Vlad Spanu. Liberalization trade an economic growth: implications for both developed and developing countries// Harvard University John F. Kennedy School of Government May 2003. [Електронний ресурс]. – Режим доступу: http://www.hec.unil.ch/docs/files/21/280…2000.pdf
Влияние либерализации сферы услуг на производительность отрасли, экспорт и развитие: эмпирические исследования в странах с переходной экономикой / Под ред. Д. Тарра;– М.: Издательство «Весь Мир», 2012 – 216 с.
Структурна переорієнтація зовнішньої торгівлі у системі факторів економічного зростання : монографія: / А.А. Мазаракі / Мазаракі А.А., Т.М Мельник, В.В. Юхименко [та ін.]; за заг.ред.: А.А. Мазаракі - К. : Київ. нац. торг.-екон. ун-т, 2011. – 652 с.
KÓNYA, László. Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling. – 2006.-v. 23. – Р. 978-992.
Helpman E. International Trade in the Presence of Product Differentiation, Economies of Scale, and Monopolistic Competition: A Chamberlin-Heckscher-Ohlin Approach// Journal of International Economics. – 1981. – №11(3) – Р. 305-340.
Генеральна угода з тарифів та торгівлі [Електронний ресурс]. – Режим доступу: http: http://zakon4.rada.gov.ua/laws/show/995_264
Blanchard O., Milesi-Ferretti G.M. (Why) Should Current Account Balances Be Reduced? – IMF Staff Discussion Note, No. SDN/11/03, March 1, 2011, р.8[Електронний ресурс] – Режим доступу: http:http://www.imf.org/external/pubs/ft/ sdn/2011/sdn1103.pdf
