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Trade Policy Transparency and Investor Confidence: Some Implications for an Effective Trade Policy Review Mechanism

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  • Joseph F. Francois

Abstract

This paper is concerned with the value of the WTO’s Trade Policy Review Mechanism, particularly its transparency role and its potential role in policy stability, for investor confidence in developing countries. The implications of reduced risk and uncertainty regarding trade policy for investor confidence, and ultimately for the capital stock and the long‐run structure of production, are examined in an analytical model. Certainty equivalence is employed to assess the general equilibrium effects of risk and uncertainty. Their reduction can boost risk‐adjusted returns, leading to an increase in long‐run levels of capital.

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  • Joseph F. Francois, 2001. "Trade Policy Transparency and Investor Confidence: Some Implications for an Effective Trade Policy Review Mechanism," Review of International Economics, Wiley Blackwell, vol. 9(2), pages 303-316, May.
    • Handle: RePEc:bla:reviec:v:9:y:2001:i:2:p:303-316
    DOI: 10.1111/1467-9396.00280
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    Cited by:

    1. Davide Sala & Philipp J. H. Schröder & Erdal Yalcin, 2010. "Market Access Through Bound Tariffs," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(3), pages 272-289, July.
    2. Hoekman, Bernard, 2011. "The WTO and the Doha Round: Walking on Two Legs," World Bank - Economic Premise, The World Bank, issue 68, pages 1-6, October.
    3. Lili Yan ING & Olivier CADOT & Janine WALZ, 2016. "Transparency in Non-Tariff Measures : An International Comparison," Working Papers P182, FERDI.
    4. Francois, Joseph F. & Martin, Will, 2004. "Commercial policy variability, bindings, and market access," European Economic Review, Elsevier, vol. 48(3), pages 665-679, June.
    5. Aldy, Joseph Edgar, 2012. "Designing a Bretton Woods Institution to Address Climate Change," Scholarly Articles 8830777, Harvard Kennedy School of Government.
    6. Aldy, Joseph Edgar, 2015. "Evaluating Mitigation Effort: Tools and Institutions for Assessing Nationally Determined Contributions," Scholarly Articles 23936083, Harvard Kennedy School of Government.
    7. Joseph E. Aldy, 2017. "Policy surveillance in the G-20 fossil fuel subsidies agreement: lessons for climate policy," Climatic Change, Springer, vol. 144(1), pages 97-110, September.
    8. Joseph E. Aldy, 2013. "Designing a Bretton Woods institution to address global climate change," Chapters, in: Roger Fouquet (ed.), Handbook on Energy and Climate Change, chapter 15, pages 352-374, Edward Elgar Publishing.
    9. Gawande, Kishore & Hoekman, Bernard & Cui, Yue, 2011. "Determinants of trade policy responses to the 2008 financial crisis," Policy Research Working Paper Series 5862, The World Bank.

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