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231. Demand Policy Instruments for R Procurement, Technical Standards and The Case of Indian Vaccines

Author:
Smita Srinivas
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Vaccines represent a nearly $8 billion global industry today , which is projected to grow to $10 billion in 2010 (PhRMA, 2001). In 2001, worldwide spending on R for “biologicals,” of which vaccines are the largest segment, was $1.1 billion (about 4% of total private pharmaceutical R) (PhRMA, 2001). Although vaccines com p rise only 2% of the global pharmaceutical market, it is indispensable for public health immunization the world over. Yet, at the same time, the number of private vaccine suppliers in advanced industrialised countries is shrinking (in the US alone, there were over twenty vaccine suppliers until the 1970s and now approximately five exist); firm s in developing countries must pick up some of this slack, especially for vaccines that are especially important for diseases prevalent in developing countries.
Topic:
Energy Policy, Human Welfare, Industrial Policy, and Science and Technology

232. Job Anxiety Is Real-And It's Global

Author:
Sandra Polaski
Publication Date:
05-2004
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
These are not normal times. Two changes in the past decade have produced a huge global oversupply of labor and intense competition for an expanding array of jobs. First, the Cold War's end threw millions of workers, who formerly produced only for the socialist bloc, onto the global labor market. And second, that market has become integrated by technological change that now permits outsourcing of service as well as manufacturing jobs. The current economic recovery will not solve the resulting global mismatch of supply and demand, and it cannot be addressed by the United States alone. Many current policies aggravate the problem. This paper proposes that the United States revise its policies and devote a concerted effort to get the major countries to work together to expand employment at that global level.
Topic:
Economics, Globalization, and Industrial Policy
Political Geography:
United States

233. CATO Institute: Fannie May, Freddie Mac, and Housing Finance: Why True Privatization is Good Public Policy

Author:
Lawrence J. White
Publication Date:
10-2004
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are the two dominant entities in the secondary residential mortgage markets of the United States. They are an important and prominent part of a larger mosaic of extensive efforts by governments at all levels to encourage the production and consumption of housing.
Topic:
Economics, Government, and Industrial Policy
Political Geography:
United States

234. Cash Flows and Discount Rates, Industry and Country Effects, and Co-Movement in Stock Returns

Author:
John Ammer and Jon Wongswan
Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper examines the relative importance of global, country-specific, and industry-specific factors in both the cash flow and discount rate components of equity returns between 1995 and 2003. Our framework draws upon previously separate literatures on country versus industry effects and (forward-looking) cash flow versus discount rate components of equity return innovations. We apply the Campbell (1991) decomposition for industry-by-country, all-country, global industry, and world market index returns so we can produce a richer characterization of same-industry and same-country effects in stock returns. Unlike previous equity return decomposition papers, we exploit information in equity analysts' earnings forecasts when projecting future variables from our reduced-form equation systems. Our findings confirm previous research that finds patterns of correlation that suggest a richer underlying structure than just a single common global factor. Furthermore, our results suggest that global, within-country, and same-industry effects are all important for both of the two key components of stock returns: news about future dividends and news about future discount rates. In particular, within-industry covariation in news about future discount rates appears to be just as important as within-country covariation in news about future discount rates. We also find that the idiosyncratic component of cash flow news is more important than the global component, while the reverse is true for news about future discount rates. Our results are broadly consistent with co-movement in future discount rates arising from perceptions of common elements of risk, rather than national market segmentation.
Topic:
International Relations, Economics, Industrial Policy, and International Trade and Finance

235. Unemployment, Macroeconomic Policy and Labor Market Flexibility: Argentina and Mexico in the 1990s

Author:
Roberto Frenkel and Jaime Ros
Publication Date:
02-2004
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This paper compares the divergent unemployment experiences in Argentina and Mexico in the 1990s, examining in detail the remarkable contrasts in the adjustment of the labor market in these two countries that occur despite equally striking similarities in the evolution of a number of macroeconomic variables and external economic shocks. The paper focuses on the role of macroeconomic policies and the type of industrial restructuring in these developments and considers to what extent the divergent unemployment experiences can be explained by differences in the institutional characteristics of the labor market.
Topic:
Economics and Industrial Policy
Political Geography:
Argentina, South America, North America, and Mexico

236. State Development Planning: Did it Create an East Asian Miracle?

Author:
Benjamen Powell
Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Independent Institute
Abstract:
East Asian countries have recorded large increases in per capita GDP over the last fifty years. Some observers have referred to this growth as an “East Asian Miracle.” One popular explanation attributes the rapid growth to state led industrial development planning. This paper critically assesses the arguments surrounding state development planning and East Asia's growth. Whether the state can acquire the knowledge necessary to calculate which industries it should promote and how state development planning can deal with political incentive problems faced by planners are both examined. When we look at the development record of East Asian countries we find that to the extent development planning did exist, it could not calculate which industries would promote development, so it instead promoted industrialization. We also find that what rapid growth in living standards did occur can be better explained by free markets than state planning because, as measured in economic freedom indexes, these countries were some of the most free market in the world.
Topic:
Development, Industrial Policy, and Politics
Political Geography:
Israel and East Asia

237. Sweatshops and Third World Living Standards: Are the Jobs Worth the Sweat?

Author:
David Skarbek and Benjamin Powell
Publication Date:
09-2004
Content Type:
Working Paper
Institution:
Independent Institute
Abstract:
Many studies have shown that multinational firms pay more than domestic firms in Third World countries. Economists critical of sweatshops have responded that multinational firms' wage data do not address whether sweatshop jobs are above average because many of these jobs are with domestic subcontractors. In this paper we compare apparel industry wages and the wages of individual firms accused of being sweatshops to measures of the standard of living in Third World economies. We find that most sweatshop jobs provide an above average standard of living for their workers.
Topic:
Economics, Human Welfare, Industrial Policy, and Third World

238. The Inferior Performance of State Owned Enterprises: Is it due to Ownership or Market Structure?

Author:
Leo A. Grünfeld, Eskil Goldeng, and Gabriel R. G. Benito
Publication Date:
03-2004
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
We analyze differences in performance between private companies (PCs) and state owned enterprises (SOEs), with an emphasis on the effects of market structure. We use a panel covering all registered companies during the 1990s in Norway, a country where SOEs play an important role in regular markets. Return on assets as well as costs measures are used as measures of performance in models that investigate markets where SOEs and PCs actually compete with each other. Although market shares and concentration affect performance, ownership identity still explains most of the inferior performance among SOEs.
Topic:
Development, Economics, Emerging Markets, and Industrial Policy
Political Geography:
Norway

239. Export Credits and the Environment

Publication Date:
12-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Official export credit agencies (ECAs) support exports, much of which support goes to emerging economies, by providing loan guarantees, export credit insurance and direct loans. In 2002, the amount of business covered by such support was approximately USD 50 billion. Typically, officially supported export credits are provided to enable recipient countries to fund major capital goods and projects exported by the home country of the ECA, such as roads, mining, railways or airports.
Topic:
Economics, Environment, Industrial Policy, and International Trade and Finance

240. A New World Map in Textiles and Clothing

Publication Date:
10-2004
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The textile and clothing industries provide employment for tens of million of people, primarily in developing countries, and accounted for USD 350 billion in merchandise exports in 2002, or 5.6% of the world total. The current rules governing world trade in textiles and clothing will change drastically at the end of 2004, when countries will no longer be able to protect their own industries by means of quantitative restrictions on imports of textile and clothing products. What will this mean for cotton growers in Burkina Faso and Turkey, fashion retailers in France and the United States, or shirt factories in Bangladesh, the Dominican Republic or China?
Topic:
Civil Society, Development, Economics, and Industrial Policy
Political Geography:
Bangladesh, United States, China, Turkey, and France