Unequal Compliance: The 6th GTA report
Simon J Evenett, 23 June 2010
The 6th Report of the Global Trade Alert, published to coincide with the Toronto G-20 Leaders' Summit in June 2010, presents a comprehensive global overview of protectionist trends since the last G-20 summit in September 2009. It draws upon a substantial expansion in the evidence collected by the GTA team during 2010 on the measures announced and implemented by governments since November 2008. The main findings of this Report are the following:
- Compliance with the G-20's No-Protectionism pledges is very uneven.
- Violations of the G20's pledges aren't cost free: the commercial interests of many G-20 countries have been hurt 100 or more times since the Pittsburgh Summit.
- Nearly 650 of the protectionist state measures implemented since the first crisis-related G-20 summit in November 2008 remain in place; there is much crisis-era protectionism to be unwound.
- Resort to beggar-thy-neighbour policies in 2009 turned out much worse than was known at the Pittsburgh Summit.
- Twenty-two far-reaching protectionist measures that harm 15 or more G20 trading partners and affect more than US$10 billion in trade were analysed in detail.Conservatively estimated, the trade covered by these so-called "jumbo" measures alone is approximately US$1.6 trillion, equivalent to more than 10 percent of world imports in 2008.
On the basis of this record and the influence of recent fiscal retrenchment on macroeconomic policymaking, the trade policy challenges for governments in the next 12 months are discussed.
The report can be downloaded from the Global Trade Alert website here.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford