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The Return of Industrial Policy in Data

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  • Simon Evenett
  • Adam Jakubik
  • Fernando Martín
  • Michele Ruta

Abstract

This paper introduces the New Industrial Policy Observatory (NIPO) dataset and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies, and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies.

Suggested Citation

  • Simon Evenett & Adam Jakubik & Fernando Martín & Michele Ruta, 2024. "The Return of Industrial Policy in Data," IMF Working Papers 2024/001, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/001
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    References listed on IDEAS

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    Cited by:

    1. Hanming Fang & Ming Li & Guangli Lu, 2025. "Decoding China’s Industrial Policies," PIER Working Paper Archive 25-012, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    2. Simone Vannuccini, 2025. "Move Fast and Integrate Things: The Making of a European Industrial Policy for Artificial Intelligence," GREDEG Working Papers 2025-21, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    3. Florencia Airaudo & Francois de Soyres & Keith Richards & Ana Maria Santacreu, 2025. "Measuring Geopolitical Fragmentation: Implications for Trade, Financial Flows, and Economic Policy," Working Papers 2025-006, Federal Reserve Bank of St. Louis.
    4. Aaditya Mattoo & Ruta,Michele & W. Staiger,Robert, 2024. "Geopolitics and the World Trading System," Policy Research Working Paper Series 11009, The World Bank.
    5. Bhaumik, Sumon Kumar & Driffield, Nigel & Estrin, Saul & Razeq, Zarlasht M., 2025. "Geopolitical alignment, outside options, and inward FDI: an integrated framework and policy pathways," LSE Research Online Documents on Economics 127373, London School of Economics and Political Science, LSE Library.
    6. Fanti, Lucrezia & Pereira, Marcelo C. & Virgillito, Maria Enrica, 2024. "The agents of industrial policy and the North-South convergence: State-owned enterprises in an international-trade macroeconomic ABM," GLO Discussion Paper Series 1491, Global Labor Organization (GLO).
    7. Domenico Delli Gatti & Roberta Terranova & Enrico Maria Turco, 2024. "Industrial Policy in Times of Market Power," CESifo Working Paper Series 11544, CESifo.
    8. Xue, Jiashun & Poon, Jessie & Yang, Yu & Ji, Qiang, 2024. "Effect of green industrial policy on China's outward renewable energy investment," Energy Economics, Elsevier, vol. 138(C).
    9. Boulieris, Petros & Carballa-Smichowski, Bruno & Fourka, Maria Niki & Lianos, Ioannis, 2025. "New industrial policy design and competition: a computational approach," MPRA Paper 124187, University Library of Munich, Germany.
    10. Diessner, Sebastian & Petit, Christy Ann, 2024. "Strengthening the Democratic Accountability of the EU’s New Industrial Policy through Parliamentary Oversight," SocArXiv 7fr3b_v1, Center for Open Science.
    11. Carmen Heinrich & Christoph Knill & Yves Steinebach, 2025. "Analyzing industrial policy portfolios," Policy Sciences, Springer;Society of Policy Sciences, vol. 58(1), pages 87-109, March.
    12. Catherine L. Mann, 2024. "Could Domestic Industrial Policies, Even With Global Fragmentation, Revive Productivity?," International Productivity Monitor, Centre for the Study of Living Standards, vol. 47, pages 3-19, Fall.
    13. Grafström, Jonas, 2025. "Vertical industrial policy: principles, practice and potential," Ratio Working Papers 384, The Ratio Institute.
    14. Tristan Reed, 2024. "Export-Led Industrial Policy for Developing Countries : Is There a Way to Pick Winners?," Policy Research Working Paper Series 10902, The World Bank.

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