This paper studies the effects of trade liberalization on the evolution of firm productivity. The productivity of each firm was estimated using an unbalanced panel data of 4484 Brazilian manufacturing firms from 1986 to 1998, following the procedure first proposed by Olley and Pakes (Econometrica 64 (1996) 1263) and further developed by Levinsohn and Petrin (Rev. Econ. Stud. 70 (2003) 317). First, the effect of nominal tariffs on the firms' productivity levels is identified. After controlling for the endogeneity of nominal tariffs, the estimated coefficient for tariffs in the productivity equation turns out to be negative. Second, a measure of tariffs on inputs is added in the productivity equation. The coefficient associated with tariffs on inputs is also negative, and the inclusion of this new variable reduces the size of the estimated coefficient of nominal tariffs. Thus, it seems that, along with the increased competition, the new access to inputs that embody better foreign technology also contributes to productivity gains after trade liberalization. Third, it is shown that there is a huge degree of heterogeneity of responses to trade liberalization. The effect of the tariff reductions depends heavily on the observed and unobserved characteristics of the firm. D
This paper studies the effects of trade liberalization on the evolution of firm productivity. The productivity of each firm was estimated using an unbalanced panel data of 4,484 Brazilian manufacturing firms from 1986 to 1998, following the procedure first proposed by Olley and Pakes (1996) and further developed by Levinsohn and Petrin (2003). First, the effect of nominal tariffs on firms' productivity levels is identified. After controlling for the endogeneity of nominal tariffs, the estimated coefficient for tariffs in the productivity equation turns out to be negative. Second, a measure of tariffs on inputs is added in the productivity equation. The coefficient associated with tariffs on inputs is also negative, and the inclusion of this new variable reduces the size of the estimated coefficient of nominal tariffs. Thus, it seems that, along with the increased competition, the new access to inputs that embody better foreign technology also contributes to productivity gains after trade liberalization. Third, it is shown that there is a huge degree of heterogeneity of responses to trade liberalization. The effect of the tariff reductions depends heavily on observed and unobserved characteristics of the firm.
This paper examines the effects of trade liberalization on productivity growth in Brazil. In contrast with the previous literature, we examine whether this relationship is driven by product or input market effects, by including both output and input tariffs in firm-level productivity regressions and allowing for imperfect competition in the product market. The results show that the reductions of input tariffs were more important to explain the productivity growth that took place during trade liberalization in Brazil. Moreover, we find that the reduction in input tariffs led to a rise in mark-ups, while the reduction in output tariffs did the opposite.
This paper analyses public opinion during the João Goulart government in Brazil (1961-1964), focusing on public perceptions on domestic and foreign policies. We employ a recently declassified public opinion survey conducted on behalf of United States Information Agency (USIA) in urban areas. We found that the Brazilian public opinion was somewhat coherent, supporting redistributive reforms domestically and a neutralist approach in foreign affairs.
Resumo Este trabalho utiliza retornos mensais de 10 portfólios de ações negociadas na Bovespa entre 1987 e 1997, a fim de testar a validade empírica do modelo APT. Foram criadas variáveis macroeconômicas como fatores de variância comum aos diversos portfólios. Além destes fatores serem estatisticamente significantes para explicar a relação entre os retornos dos diversos portfólios de uma maneira geral, foram encontradas evidências no sentido de validar o APT. Abstract This paper analyses monthly retums of 10 share portfolios negotiated at Bovespa between 1987 and 1997 in order to test the APT mode!. Macroeconomic factors were created as sources of common variance of these assets. The factors were statistically significant in explaining the relationship between the asset retums in general; besides, evidence was found in favor ofthe APT.
This review presents the research paths taken in recent decades in the attempt to identify the causal relationship between international trade and development. It argues that this is a highly empirical issue which the traditional, multi-country studies have not been successful in unraveling. The academic literature found fertile ground in which to question the channels by which trade may affect development and give rise to research with more specific themes. The result is an enormous and diverse range of studies. Some of these lines of research, referencing important texts in the literature, are presented herein.Keywords: International trade; development; growth; liberalization; exports. Thus, the academic literature in the area has over time undergone an expansion regarding not only the volume but also the delimitation of the objects and research * http://dx
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