By Richard Newfarmer, William Shaw, Peter Walkenhorst
Because the Fifties while nations turned involved that specialization in basic items could bring about regular falls within the deciding to buy strength of fundamental exports and sluggish development, diversifying out of basic items into manufactures has been an incredible coverage goal of constructing nations. certainly, for the reason that that point, constructing international locations normally became extra varied, yet many low source of revenue nations stay depending on a slim diversity of fundamental items. New questions pertaining to export diversification have emerged within the contemporary literature and with very important coverage implications: Is export diversification a common structural end result of the expansion strategy itself, or can international locations speed up progress via energetic consciousness to diversifying exports? What are the most constraints that hinder international locations from diversifying is it industry disasters that bring about deepest underinvestment in efforts to arrive new export markets or is it linked to different marketplace mess ups? What rules are best suited for international locations to advertise diversification and will governments search to stimulate export items with specific features? This e-book explores new pondering and facts approximately export diversification, and elaborates on guidelines to advertise diversification. The papers during this booklet are written as brief, coverage centred chapters that digest usually longer, extra educational papers for you to lead them to obtainable to a bigger coverage and non-technical viewers. In that feel, it's a coverage primer: what export diversification can and can't do for development, and the way to make it take place.
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Additional resources for Breaking Into New Markets: Emerging Lessons for Export Diversification
However, recent studies have challenged this view by taking into account differences in product quality. By ignoring the quality of products, the Hausmann-Hwang-Rodrik measure tends to overestimate the importance of sophisticated products in low-income country exports. Because product quality is correlated with income, correlations between the measure of export productivity and per capita income are likely to be biased, it is argued. For example, Xu (2006) conditions the HausmannHwang-Rodrik measure by relative unit values of exports, which are used BREAKING INTO NEW MARKETS: OVERVIEW 9 to proxy relative quality.
Important obstacles with trading partners have to be overcome, though. Mattoo points, in particular, to powerful political barriers in developed countries that limit the reimbursement by health insurance companies of medical treatment abroad, impose cumbersome and costly qualification and licensing requirements on foreign professionals, and restrict the number of visas issued to temporary workers in industries ranging from construction to information technology. Little progress on facilitating the temporary movement of workers has been 18 BRENTON, NEWFARMER, SHAW, AND WALKENHORST made so far in the multilateral context of the General Agreement on Trade in Services, but bilateral cooperation agreements between source and destination countries that take into account the particular interests and sensitivities of the trade partners might be a promising alternative to arrive at mutually beneficial outcomes.
Ben Hammouda and others (2008) find that deepening diversification has been associated with increases in total factor productivity in sub-Saharan Africa. In Bangladesh and Nepal, export diversification is estimated to raise export growth, which increases GDP growth (Hasan and Toda 2004). Herzer and Nowak-Lehnmann (2006) find that export diversification played an important role in growth in Chile. In this volume, Hesse (chapter 3) provides robust empirical evidence of a positive effect of export diversification on growth of per capita income in developing countries, while Lederman and Maloney (chapter 2) present econometric evidence that slow growth associated with dependence on natural resources is likely a result of export concentration, rather than dependence on natural resources per se.