Statistical Analysis in the Area of Trade in Services
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1 Statistical Analysis in the Area of Trade in Services Trade in Services and International Agreements World Bank Institute, Geneva 6-8, 2004 CARSTEN FINK
2 Demands of the trade negotiator How much trade is there? What are the barriers service providers encounter and how important are these barriers? How would trade respond to a reduction of trade barriers?
3 Statistical analysis in the goods case Data on imports and exports of goods available for highly disaggregated product groups Information on tariffs available for the same product groups Estimates of trade elasticities available; well-established framework for modeling the effects of trade liberalization
4 How much services trade is there? Obtain information on offensive and defensive interests in services: How important is services trade relative to goods trade? In which sectors and to which countries do domestic firms export services? What is the geographic and sectoral breakdown of services imports?
5 Example: Brazil s BOP exports Millions of US dollars 10,000 Figure 2.2: Services exports (in US$), ,000 8,000 7,000 6,000 OTHER SERVICES INSURANCE SERVICES TRAVEL TRANSPORTATION 5,000 4,000 3,000 2,000 1, Source: Source: IMF Brazil Balance Trade of Policies Payments to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
6 Breakdown of other services Miscellaneous business and professional services 19% Miscellaneous business and professional services 45% Remaining other services 81% Remaining other services 55% Source: Brazil Trade Policies to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
7 Architectural, engineering an related services 4 Further breakdown of misc. business and professional services Legal services 1% Advertising and related services 2% Legal services 1% Advertising and related services 4% Other 26% Other 55% Services between affiliated enterprises 22% Services between affiliated enterprises 25% Source: Brazil Trade Policies to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
8 Revealed comparative advantage RCA = k Exports Exports Brazil k World k Total Total Exports Exports Brazil World
9 Brazil s RCA indices Exports Goods Services Transport services Travel Insurance services Other business serv Source: Brazil Trade Policies to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
10 Brazil s inflows of FDI in services Billions of US$ Services Industry Agriculture Source: Brazil Trade Policies to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
11 Sales of Services by US Foreign Affiliates in 1996 Millions of US dollars 1600 Figure 2.9: U.S. Foreign Affiliates Sales of Services, Brazil Mexico Wholesale trade Finance (except depository institutions) Insurance Hotels and other lodging places Advertising Equipment rental (except automotive and computers) Computer and data processing services Other business services Motion pictures, including television tape and film Management and public relations services Transportation Source: U.S. Bureau of Economic Analysis Source: Brazil Trade Policies to Improve Efficiency, Increase Growth and Reduce Poverty. Vol. IV. (The World Bank, 2002).
12 Assessment of trade barriers Set of non-tariff measures: Various quantitative restrictions Foreign equity ownership allowed Types of legal entity permitted Regulatory measures To what extent do trade measures disadvantage foreign service providers? Can a tariff-equivalent of trade barriers be calculated?
13 Frequency indices Idea: define a set of trade barriers, document the frequency of occurrence, and calculate a single index number Methods of assigning weights to barriers Judgments based on anecdotal evidence As revealed in econometric models
14 Frequency indices: an example Study by Alex Hardin and Leanne Holmes (2000) on FDI restrictions in services in selected APEC economies Based on information on actual FDI restrictions Judgmental system of weighting to reflect efficiency costs
15 Index components Type of restriction Weight Foreign equity limits on all firms No foreign equity permitted Less than 50 per cent foreign equity permitted More than 50 per cent and less than 100 per cent foreign equity permitted
16 Index components (2) Type of restriction Weight Foreign equity limits on existing firms, none on greenfield No foreign equity permitted Less than 50 per cent foreign equity permitted More than 50 per cent and less than 100 per cent foreign equity permitted
17 Index components (3) Type of restriction Weight Screening and approval Investor required to demonstrate net economic benefits Approval unless contrary to national interest Notification (pre or post)
18 Index components (4) Type of restriction Control and management restrictions All firms Existing firms, none for greenfield Weight Input and operational restrictions All firms Existing firms, none for greenfield
19 Resulting restrictiveness indices Sectors China Hong Kong Mexico United States Business Communic Construction Distribution Education Financial Health Transport Source: Hardin and Holmes (2000). Assessing Barriers to Services Sector Investment. (London and New York: Routledge)
20 Tariff equivalents Use frequency index in econometric model explaining prices for traded services Impute tariff equivalents by comparing hypothetical free trade prices to actual prices Problems: Purpose? Price data are often unavailable Modeling difficulties (e.g., imperfect competition) Existing literature only offers guesstimates
21 Assess impact of trade liberalization Questions: How strongly would exports increase if foreign barriers were reduced? Evaluate economic impact of own liberalization Econometric studies on specific sectors: Useful cross-country evidence in various sectors Which performance indicator? General equilibrium studies: Heroic assumptions on trade barriers & elasticities
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