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Policies facilitating firm adjustment to globalization

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  • Hoekman, Bernard
  • Smarzynska Javorcik, Beata

Abstract

The authors focus on policies facilitating firm adjustment to globalization. They briefly review the effects of trade and investment liberalization on firms, focusing on within-industry effects. They postulate that governments'role in supporting the process is to (1) ensure that firms face"right"incentives to adjust, and (2) intervene in areas where market failures are present. Their main message is that while many policies could be adopted to address market failures, they need to be carefully designed and implemented in a stablemacroeconomic environment. An institutional infrastructure that supports the functioning of modern markets is most important. Proactive support policies of whatever stripe should be subject to cost-benefit analysis, based on the existence of an identified market failure, and monitored for performance and cost effectiveness. Transparency and accountability are critical in ensuring that interventions accomplish their intended objectives rather than being vehicles for rent seeking.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3441.

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Date of creation: 01 Nov 2004
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Handle: RePEc:wbk:wbrwps:3441

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Keywords: Labor Policies; Economic Theory&Research; Decentralization; Environmental Economics&Policies; Health Economics&Finance; Economic Theory&Research; Health Economics&Finance; Banks&Banking Reform; TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT; Environmental Economics&Policies;

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Cited by:
  1. Mark Gehlhar & Anita Regmi & Spyro Stefanou & Barry Zoumas, 2006. "Managing Firm Competitiveness in Global Markets," Working Papers 0714, University of Crete, Department of Economics.
  2. Correa, Paulo & Dayoub, Mariam & Francisco, Manuela, 2007. "Identifying supply-side constraints to export performance in Ecuador : an exercise with Investment Climate Survey data," Policy Research Working Paper Series 4179, The World Bank.

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