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This paper surveys measures of economic openness, the latter being understood as the degree to which non-domestic actors can or do participate in a domestic economy. Based on the existing literature, the authors introduce a typology of openness indicators, which distinguishes between ‘real’ and ‘financial’ openness as well as ‘de-facto’ and ‘de-jure’ measures of openness. They use data collected on these indicators to analyze trends in openness over time and to conduct a correlation analysis across indicators. Finally, they illustrate the potential consequences of employing different openness measures in a growth regression framework.

Informal contracting institutions constitute an essential part of a country’s overall contracting institution, however, the nascent literature examining the effect of contracting institutions on the quality of products a country produces and exports, have paid a limited attention on the role of informal contracting institutions. We fill this gap in the literature by examining whether higher trust levels, as an informal contracting institution, leads to product-quality upgrading by reducing contractual frictions and opportunistic behaviors. Using industry-level data spanning 1995–2014, we examined this relationship using the generalized difference-in-difference method. We find that contract-intensive industries in trust-intensive societies experience a disproportionally higher increase in the production and export of higher-quality products compared to those industries in low-trusting societies. This result holds after controlling for conventional sources of comparative advantage and formal contracting institution. Hence, the result underscores the importance of informal contracting institutions for improved economic performance and stress the crucial fact that countries with strong and efficient informal institutions can still benefit in market-related activities even in the presence of weak formal institutions.

Both the physical and transition-related impacts of climate change pose substantial macroeconomic risks. Yet, markets still lack credible estimates of how climate change will affect debt sustainability, sovereign creditworthiness and the public finances of major economies. We present a taxonomy for tracing the physical and transition impacts of climate change through to impacts on sovereign risk. We then apply the taxonomy to the UK’s potential transition to net zero. Meeting internationally agreed climate targets will require an unprecedented structural transformation of the global economy over the next two or three decades. The changing landscape of risks warrants new risk management and hedging strategies to contain climate risk and minimise the impact of asset stranding and asset devaluation. Yet, conditional on action being taken early, the opportunities from managing a net zero transition would substantially outweigh the costs.

The central question we pose is: which firms are likely to create or destroy jobs and does the quality of institutional environment affect the pace of firm-level job creation or destruction? Using Enterprise Survey data for 30 African countries, we find that jobs are destroyed at almost half the rate at which they are created. Small and starter firms report higher rates of job destruction. Though services firms account for higher rates of gross job creation, they still have higher rates of gross job destruction. We use Pooled Ordinary Least Squares estimation technique and at some point, account for possible endogeneity using the Two Stage Least Squares estimation technique. Our results indicate that improving the quality of institutional environment reinforces firm-level job creation and reduces job destruction. This effect is more pronounced among firms in the manufacturing sector. Findings draw attention to the importance of the quality of institutional environment and support towards small and starter firms.

How does increased integration to the global economy affect patterns of social provision at the local level? This study investigates the impact of economic openness on the subnational variation of welfare provision in China. Examining welfare expansion as a political response to provincial economic integration, I analyze how the effect of globalization on welfare expansion is conditioned by the threat of social unrest. Using a panel dataset on 31 provinces in China from 2001 to 2015, I find that provinces with open economies and higher threat of social unrest provide broader social insurance coverage. On the other hand, provinces with similar levels of economic openness but with lower levels of social unrest are associated with lower levels of coverage. These findings suggest that provincial governments may be more likely to utilize social policy instruments to compensate for the social costs of globalization, particularly in cases where exposure to the international market leads to increased social instability and discontent.

InChinese Economic Statecraft, William J. Norris introduces an innovative theory that pinpoints how states employ economic tools of national power to pursue their strategic objectives. Norris shows what Chinese economic statecraft is, how it works, and why it is more or less effective. Norris provides an accessible tool kit to help us better understand important economic developments in the People's Republic of China. He links domestic Chinese political economy with the international ramifications of China's economic power as a tool for realizing China's strategic foreign policy interests. He presents a novel approach to studying economic statecraft that calls attention to the central challenge of how the state is (or is not) able to control and direct the behavior of economic actors. Norris identifies key causes of Chinese state control through tightly structured, substate and crossnational comparisons of business-government relations. These cases range across three important arenas of China's grand strategy that prominently feature a strategic role for economics: China's efforts to secure access to vital raw materials located abroad, Mainland relations toward Taiwan, and China's sovereign wealth funds. Norris spent more than two years conducting field research in China and Taiwan during which he interviewed current and former government officials, academics, bankers, journalists, advisors, lawyers, and businesspeople. The ideas in this book are applicable beyond China and help us to understand how states exercise international economic power in the twenty-first century.

The article analyzes and compares the dynamics of business-government relations in Bolivia and Ecuador during the presidencies of Evo Morales and Rafael Correa. It specifically traces the shift from confrontation to rapprochement to a fairly stable pattern of negotiation and dialogue that characterizes the two governments' interaction with core business elites. Drawing on the structural and instrumental power framework developed by Tasha Fairfield, it proposes an explanation that accounts for this overall shift as well as for the main differences between the two countries. In a nutshell, the article argues that the business elites' response to a severe loss of instrumental power and the governments' response to the persistent structural power of business combined to cause the shift toward negotiation and dialogue. The article also probes the plausibility of this power-based explanation by briefly comparing the two cases with other left-of-center governments in the region.

Has social assistance expansion contributed to political inclusion in Latin America? The current literature favours a “policy exchange” approach, hypothesising that social assistance is an electoral asset exploited by governing coalitions. The findings from this literature are mixed. The article proposes an alternative approach emphasising political inclusion. In unequal societies where economic cooperation is regulated by institutions generating inequality and disadvantage, social assistance contributes to the political inclusion of disadvantaged groups. Analysis of Latin American Public Opinion Project data for 2010 to 2019 data finds support for this hypothesis.

\"Economists and Societies is the first book to systematically compare the profession of economics in the United States, Britain, and France, and to explain why economics, far from being a uniform science, differs in important ways among these three countries. Drawing on in-depth interviews with economists, institutional analysis, and a wealth of scholarly evidence, the author traces the history of economics in each country from the late nineteenth century to the present, demonstrating how each political, cultural, and institutional context gave rise to a distinct professional and disciplinary configuration. She argues that because the substance of political life varied from country to country, people's experience and understanding of the economy, and their political and intellectual battles over it, crystallized in different ways - through scientific and mercantile professionalism in the United States, public-minded elitism in Britain, and statist divisions in France. Fourcade moves past old debates about the relationship between culture and institutions in the production of expert knowledge to show that scientific and practical claims over the economy in these three societies arose from different elites with different intellectual orientations, institutional entanglements, and social purposes. Much more than a history of the economics profession, the book is a revealing exploration of American, French, and British society and culture as seen through the lens of their respective economic institutions and the distinctive character of their economic experts.\" Die Untersuchung enthält quantitative Daten. Forschungsmethode: deskriptive Studie; historisch. Die Untersuchung bezieht sich auf den Zeitraum 1890 bis 2000. (author's abstract, IAB-Doku).

How can developing countries grow their economies? Most answers to this question center on what the rich world should or shouldn't do for the poor world. InThe Quest for Prosperity, Justin Yifu Lin--the first non-Westerner to be chief economist of the World Bank--focuses on what developing nations can do to help themselves. Since the end of the Second World War, prescriptions for economic growth have come and gone. Often motivated more by ideology than practicality, these blueprints have had mixed success on the ground. Drawing lessons from history, economic analysis, and practice, Lin examines how the countries that have succeeded in developing their own economies have actually done it. He shows that economic development is a process of continuous technological innovation, industrial upgrading, and structural change driven by how countries harness their land, labor, capital, and infrastructure. Countries need to identify and facilitate the development of those industries where they have a comparative advantage--where they can produce products most effectively--and use them as a basis for development. At the same time, states need to recognize the power of markets, limiting the role of government to allow firms to flourish and lead the process of technological innovation and industrial upgrading. By following this \"new structural economics\" framework, Lin shows how even the poorest nations can grow at eight percent or more continuously for several decades, significantly reduce poverty, and become middle- or even high-income countries in the span of one or two generations. Interwoven with insights, observations, and stories from Lin's travels as chief economist of the World Bank and his reflections on China's rise, this book provides a road map and hope for those countries engaged in their own quest for prosperity.