This study measures the dynamics of the growth and expansion of international crosslistings through American Depositary Receipts (ADRs) in emerging equity markets around the world and evaluates its impact on their development and integration with world markets. Overall, I find that the increasing number of new ADR programs, their market capitalization and trading volume in those countries are p...

Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for “self selection” bias since countries with liberalized capital accounts may also have more sound economic policies and institutions that make them less likely to experience crises. We employ a matching and propensity score methodology to address this issue i...

  This paper examines impact of trade liberalization on industrial growth of India. The research problem is expressed as “To what extent does trade liberalization or openness of the economy influence industrial growth of India?” To identify the impacts of trade liberalization, total time period, 1970-2010, is divided into two sub periods of before trade liberalization i.e. (1970 to 1990) an...

Economic reform and liberalization in China have affected many institutional obstacles constraining the development and growth of Chinese small and medium size enterprises (SMEs). Using a firm-level data set that comprises all “above-scale” Chinese industrial enterprises for the period of 1995 to 2003, I investigate the patterns of entry and exit of Chinese SMEs and relate these patterns to the...

We study the valuation of similar assets in different national markets and how the valuation differentials have evolved through time. We focus on the impact of globalization and propose a (model free) measure of the degree of segmentation of world equity markets. We characterize which factors determine its cross-sectional and time series variation. Our first goal is to link the measure to the d...

We look at privatization in a general equilibrium model of a small, tariff-distorted, open economy. There is a differentiated good produced by both private and public sector enterprises. A reduction in government production in order to cut losses from such production raises the returns to capital and increases the tariff revenue, which are welfare improving. However, privatization also leads to...

The paper empirically examines the relationship between trade openness and the level of corruption in Pakistan using annual time-series data for the period 1984 to 2007. The analysis shows that trade openness negatively affects corruption in Pakistan. The results are robust to controlling for other corruption determining variables and various model specifications. Sensitivity analysis shows tha...

Labor market responses to trade liberalization typically exhibit a slow reallocation of labor across industries, large costs for displaced workers, and a disproportionate adjustment burden for older workers. To explain these features and analyze alternative policies, I develop a two-sector small open economy model with overlapping generations, frictional labor markets, and sector-specific human...

This article analyzes the effects of trade liberalization between two asymmetric industries. Asymmetries concern consumers masses and labor endowments. The latter, together with human capital speci&city in the production of the variants of a vertically differentiated good, determine market form and the range of products available in each industry. We show that market integration bene&ts or harm...