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The Value of Making Commitments Externally: Evidence from WTO Accessions

Man-Keung Tang and Shang-Jin Wei
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Man-Keung Tang: International Monetary Fund

No 152009, Working Papers from Hong Kong Institute for Monetary Research

Abstract: This paper studies the value of external commitment to policy reforms in the case of WTO/GATT accessions. The accessions often entail reforms that go beyond narrowly defined trade liberalization, and have to overcome fierce resistance in the acceding countries, as reflected in protracted negotiations. We study the growth and investment consequences of WTO/GATT accessions, with attention to a possible selection bias. We find that the accessions tend to raise income, but only for those countries that were subject to rigorous accession procedures. Policy commitments associated with the accessions were helpful, especially for countries with poor governance.

Keywords: Trade; Growth; Economic Reforms (search for similar items in EconPapers)
JEL-codes: F1 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2009-04
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Journal Article: The value of making commitments externally: Evidence from WTO accessions (2009) Downloads
Working Paper: The Value of Making Commitments Externally: Evidence from WTO Accessions (2008) Downloads
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