The Return of Industrial Policy in Data

Simon Evenett, Adam Jakubik, Fernando Martín and Michele Ruta

No 2024/001, IMF Working Papers from International Monetary Fund

Abstract: This paper introduces the New Industrial Policy Observatory (NIPO) dataset and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies, and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies.

Keywords: Industrial Policy; Trade Policy; Data; NIPO database; Policy instrument; policy tool; policy activity; policy measure; Imports; Exports; Export subsidies; Securities; Global; North America; Central Asia; Asia and Pacific; South Asia (search for similar items in EconPapers)
Pages: 31
Date: 2024-01-04
New Economics Papers: this item is included in nep-inv and nep-tid
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Citations: View citations in EconPapers (7)

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