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The world trade data distortion and its contagious impact. A brief comment on the WTO “Made in the World” initiative

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  • Georgescu, George

Abstract

The accuracy of indicators used both in economic research and for designing most appropriate policy tools by the decision makers is of crucial importance. As speeding up the globalization process, the relevance of various indicators has been affected because of the lowering connection to the changes in the world economy, reflecting increasingly less the new global realities, even unto loosing any rational meaningful. This was the case of statistical distortions in international trade data arising from the double and sometimes multi-counted record of the value of cross-border goods and services (engaged on the so called „global value-added chains”) due to the worldwide magnitude of the international fragmentation of production. This comment cautions on the remained unsolved problems, that still distorts data, even more serious, hindering the policy makers to achieve an accurate perception of realities, despite the review of the BoP international methodology and the debates on the WTO „Made in the World” initiative.

Suggested Citation

  • Georgescu, George, 2016. "The world trade data distortion and its contagious impact. A brief comment on the WTO “Made in the World” initiative," MPRA Paper 69483, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:69483
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    File URL: https://mpra.ub.uni-muenchen.de/69483/1/MPRA_paper_69483.pdf
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    References listed on IDEAS

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    1. Georgescu, George, 2003. "Inward Processing Trade And The Romanian Foreign Trade," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 112-122, December.
    2. Robert Koopman & Zhi Wang & Shang-Jin Wei, 2014. "Tracing Value-Added and Double Counting in Gross Exports," American Economic Review, American Economic Association, vol. 104(2), pages 459-494, February.
    3. Georgescu, George, 2007. "Current Account Deficits and Implications on Country Risk of Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 4(4), pages 88-96, December.
    4. Robert C. Johnson, 2014. "Five Facts about Value-Added Exports and Implications for Macroeconomics and Trade Research," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 119-142, Spring.
    5. Marcel P. Timmer & Abdul Azeez Erumban & Bart Los & Robert Stehrer & Gaaitzen J. de Vries, 2014. "Slicing Up Global Value Chains," Journal of Economic Perspectives, American Economic Association, vol. 28(2), pages 99-118, Spring.
    6. Georgescu, George, 2014. "International fragmentation of production. Local vulnerabilities and capitalization of heritage values in Romania," MPRA Paper 57255, University Library of Munich, Germany.
    7. Giovanni Balcet & Giampaolo Vitali, 2000. "Multinational Strategies and Outward-Processing Trade between Italy and the CEECs: The Case of Textile-Clothing," CERIS Working Paper 200015, Institute for Economic Research on Firms and Growth - Moncalieri (TO) ITALY -NOW- Research Institute on Sustainable Economic Growth - Moncalieri (TO) ITALY.
    8. Georgescu, George, 2006. "Inward Processing Trade and Implications for the Balance of Payments Current Account (The Case of Romania)," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 3(1), pages 24-31, March.
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    Cited by:

    1. Axenciuc, Victor & Georgescu, George, 2017. "Gross Domestic Product – National Income of Romania 1862 – 2010. Secular statistical series and methodological foundations," MPRA Paper 84614, University Library of Munich, Germany.

    More about this item

    Keywords

    Inward/Outward processing trade; Global value-added chain; BoP current account balance; statistical distortions; WTO;

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts

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