This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine the effect of equity market liberalization on inequality by using data from 72 countries for 1980–2006...

This paper analyzes empirically whether political freedom and civil liberties help or hinder economic liberalization, using panel data from 25 post-communist countries of Central and Eastern Europe (CEE) and Former Soviet Union (FSU), between 1992 and 1997. Building on analytical arguments and counter-arguments put forward by the recent literature, the paper identifies the channels through whic...

Child Labor and Trade Liberalization in Indonesia We examine the effects of trade liberalization on child work in Indonesia. Our estimation strategy identifies geographical differences in the effects of trade policy through district level exposure to reduction in import tariff barriers. We use a balanced panel of 261 districts, based on four rounds (1993 to 2002) of the Indonesian annual nation...

1. Introduction Unlike other crisis-hit developing countries (Mexico, Korea, Thailand and Brazil) known by their large-scale utilization of foreign capital, China weathered the storm in 1997 safe and sound. However, some analysts said that China would have involved itself into the crisis if the Asian financial crisis came two years later. Many academic papers like Huang and Yang (1998) attribut...

This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices may be higher and welfare may be lower in free trade than in autarky, thus reversing the standard e¤e...

In the year that capital-poor countries open their stock markets to foreign investors, the growth rate of their typical firm’s capital stock exceeds its pre-liberalization mean by 4.1 percentage points. In each of the next three years the average growth rate of the capital stock for the 369 firms in the sample exceeds its pre-liberalization mean by 6.1 percentage points. However, there is no ev...

Trade liberalization episodes are usually analyzed in a horizontal dimension, that is, the movement of resources across sectors due to relative price changes. This perspective underestimates an element present in many liberalization processes: the opening access of foreign ...rms to produce and sell locally. As long there exist productivity di¤erences between native and foreign ...rms and depen...

Recent widening of the wage gap between skilled and unskilled workers has been attributed mainly to skill-biased-technical-change and to trade liberalization. This paper examines the effects of the two in a unified model, in which trade and technology adoption are endogenous. The paper has two main results. First, technical progress increases the wage gap in developed and in less developed coun...

Community competition policy utilizes four main instruments in order to contribute to the realization of these prerequisites: classical antitrust (prohibition of cartels and abuses of dominant positions), merger control, supervision of enterprises entrusted with special or exclusive rights, and State aid control. Energy liberalization requires the comprehensive use of all four instruments in or...

the main purpose of this study is to determine welfare impacts of trade liberalization on maize market. for this purpose, we used from time series data for the period 1961/2009 and estimated domestic supply, domestic demand and import demand for maize. results of estimation showed that price elasticity of supply and demand is 0.32 and -0.25, respectively. then, by means of these elasticities, w...