The purpose of this paper is to examine income inequality in the process of economic growth and structural transformation with emphasis on the role of economic openness using a new measure of trade openness (the price convergence index [PCI]), which is an alternative measure to the widely used trade-to-GDP ratio. The analysis is based on a multi-country panel data covering 48 countries for the period from 1960 to 2010. The results suggest that an increase in the share of employment in manufacturing is associated with a reduction in income inequality. This inequality-reducing effect is significantly greater for countries with more open trade regimes. In addition, the Kuznets-type relationship exists between services employment share and income inequality, with inequality first increasing with the movement of workers from agriculture to services and then decreasing. This inequality-increasing effect of services employment share is also larger for countries with more open trade regimes. The findings withstand the inclusion of relevant explanatory variables, an alternative measure of income inequality, and alternative estimator to address possible endogeneity.
{"title":"Structural transformation and inequality: Does trade openness matter?","authors":"Wannaphong Durongkaveroj","doi":"10.1111/twec.13560","DOIUrl":"https://doi.org/10.1111/twec.13560","url":null,"abstract":"The purpose of this paper is to examine income inequality in the process of economic growth and structural transformation with emphasis on the role of economic openness using a new measure of trade openness (the price convergence index [PCI]), which is an alternative measure to the widely used trade-to-GDP ratio. The analysis is based on a multi-country panel data covering 48 countries for the period from 1960 to 2010. The results suggest that an increase in the share of employment in manufacturing is associated with a reduction in income inequality. This inequality-reducing effect is significantly greater for countries with more open trade regimes. In addition, the Kuznets-type relationship exists between services employment share and income inequality, with inequality first increasing with the movement of workers from agriculture to services and then decreasing. This inequality-increasing effect of services employment share is also larger for countries with more open trade regimes. The findings withstand the inclusion of relevant explanatory variables, an alternative measure of income inequality, and alternative estimator to address possible endogeneity.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"24 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139969074","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Infrastructure investments are the material way of turning sustainable development goals into practice. Climate action requires renewable energy plants, power grids and electric-vehicle charging infrastructure, in the same way that health requires hospitals, education requires schools or connectivity requires ports. In this context, the Global Gateway can help meet the European Union (EU)'s international pledges, such as on climate finance, by supporting partner countries in the implementation of their sustainable development agendas. It can enable EU industry to enter new growing markets, a win for EU industrial policy. On top of this, it can help economic development in the EU's partner countries, providing an invaluable foreign policy dividend for the EU. In geopolitical terms, the Global Gateway can help the EU better position itself in the global infrastructure and connectivity race. Rule-based cooperation focussed on a clear set of priorities represents an attractive alternative to the Belt and Road Initiative in several partner countries, starting in Africa. By scaling up cooperation on economic and social infrastructure projects, the EU thus has an opportunity to promote its values and vision of sustainability in a way that is tangible and long-lasting.
{"title":"The European Union's Global Gateway: An institutional and economic overview","authors":"Simone Tagliapietra","doi":"10.1111/twec.13551","DOIUrl":"https://doi.org/10.1111/twec.13551","url":null,"abstract":"Infrastructure investments are the material way of turning sustainable development goals into practice. Climate action requires renewable energy plants, power grids and electric-vehicle charging infrastructure, in the same way that health requires hospitals, education requires schools or connectivity requires ports. In this context, the Global Gateway can help meet the European Union (EU)'s international pledges, such as on climate finance, by supporting partner countries in the implementation of their sustainable development agendas. It can enable EU industry to enter new growing markets, a win for EU industrial policy. On top of this, it can help economic development in the EU's partner countries, providing an invaluable foreign policy dividend for the EU. In geopolitical terms, the Global Gateway can help the EU better position itself in the global infrastructure and connectivity race. Rule-based cooperation focussed on a clear set of priorities represents an attractive alternative to the Belt and Road Initiative in several partner countries, starting in Africa. By scaling up cooperation on economic and social infrastructure projects, the EU thus has an opportunity to promote its values and vision of sustainability in a way that is tangible and long-lasting.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"165 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139462303","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We examine the impact of terror on international trade in financial services and the role of financial institutions in alleviating this impact. Using a sample of 67 countries from 2000 to 2020, we find that a 10% increase in the number of terrorist incidents in the importer and/or the exporter results, on average, in a 1.77–2.05% annual reduction in their bilateral financial service trade which is more economically significant than what has been documented for trade in commodities. Top exporters and importers of financial services, however, are less affected by the incidence of terrorism. Confirming the critically important role of systemic stability, we further find that financial institutions' stability (measured by the Z score) is the most powerful factor in mitigating the detrimental impact of terrorism on trade. There is also some limited evidence that exporting countries where financial institutions exhibit more efficiency (measured as the ratio of overhead costs to total assets) cope better with terrorism.
{"title":"Impact of terror on international trade in financial services: Does the development of financial institutions matter?","authors":"Cong S. Pham, Hoa Nguyen","doi":"10.1111/twec.13549","DOIUrl":"https://doi.org/10.1111/twec.13549","url":null,"abstract":"We examine the impact of terror on international trade in financial services and the role of financial institutions in alleviating this impact. Using a sample of 67 countries from 2000 to 2020, we find that a 10% increase in the number of terrorist incidents in the importer and/or the exporter results, on average, in a 1.77–2.05% annual reduction in their bilateral financial service trade which is more economically significant than what has been documented for trade in commodities. Top exporters and importers of financial services, however, are less affected by the incidence of terrorism. Confirming the critically important role of systemic stability, we further find that financial institutions' stability (measured by the <i>Z</i> score) is the most powerful factor in mitigating the detrimental impact of terrorism on trade. There is also some limited evidence that exporting countries where financial institutions exhibit more efficiency (measured as the ratio of overhead costs to total assets) cope better with terrorism.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"8 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2024-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139373200","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper applies optimum currency area (OCA) theory to Southeast Asia to assess the potential for a monetary union in that region. We construct a panel of 10 Southeast Asian countries over the period 1990–2018 and apply the dynamic OLS estimator to quantify the costs and benefits of a potential OCA. A possible monetary union in Southeast Asia is vulnerable to asymmetric shocks, although the degree of specialisation has decreased and the openness index increased. Estimates confirm that both OCA criteria favour an increase in the region's income and FDI inflows and a reduction of its unemployment rate. However, inadequate labour mobility and stagnating intra-trade shares are major obstacles in this regard, but if addressed they could benefit economic development and GDP per capita in the ASEAN region. We conclude that Southeast Asia is far from being an optimum currency area, but if it were to form a common currency area, the loss of economic sovereignty and its costs would be more than offset by the resulting monetary efficiency gain.
本文将最优货币区（OCA）理论应用于东南亚，以评估该地区建立货币联盟的潜力。我们构建了 1990-2018 年间 10 个东南亚国家的面板，并应用动态 OLS 估计器量化了潜在 OCA 的成本和收益。虽然专业化程度下降，开放指数上升，但东南亚可能的货币联盟容易受到非对称冲击的影响。估计结果证实，开放型一体化的两个标准都有利于增加该地区的收入和外国直接投资流入量，降低失业率。然而，劳动力流动性不足和内部贸易份额停滞不前是这方面的主要障碍，但如果加以解决，将有利于东盟地区的经济发展和人均国内生产总值。我们的结论是，东南亚远未成为一个最佳货币区，但如果它要形成一个共同货币区，经济主权的损失及其成本将被由此带来的货币效率收益所抵消。
{"title":"Monetary union in Southeast Asia: An assessment of the optimum currency area theory*","authors":"Kurt A. Hafner","doi":"10.1111/twec.13539","DOIUrl":"https://doi.org/10.1111/twec.13539","url":null,"abstract":"This paper applies optimum currency area (OCA) theory to Southeast Asia to assess the potential for a monetary union in that region. We construct a panel of 10 Southeast Asian countries over the period 1990–2018 and apply the dynamic OLS estimator to quantify the costs and benefits of a potential OCA. A possible monetary union in Southeast Asia is vulnerable to asymmetric shocks, although the degree of specialisation has decreased and the openness index increased. Estimates confirm that both OCA criteria favour an increase in the region's income and FDI inflows and a reduction of its unemployment rate. However, inadequate labour mobility and stagnating intra-trade shares are major obstacles in this regard, but if addressed they could benefit economic development and GDP per capita in the ASEAN region. We conclude that Southeast Asia is far from being an optimum currency area, but if it were to form a common currency area, the loss of economic sovereignty and its costs would be more than offset by the resulting monetary efficiency gain.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"62 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139063506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the effect of being landlocked on international trade flows in the manufacturing sector. The study overcomes the empirical challenge of using a country-specific variable ‘landlocked’, within a structural gravity framework in the presence of importer and exporter fixed effects. Results show that the impact of being landlocked for manufactured goods trade is highly negative and statistically significant. Such effect is higher for low-income landlocked countries compared to high-income landlocked countries. The impact of being landlocked on manufactured goods trade declined in 2005 compared to 1980. A series of robustness checks further confirm the estimates.
{"title":"Estimating the landlocked penalty for international trade","authors":"Pratistha Gyawali","doi":"10.1111/twec.13536","DOIUrl":"https://doi.org/10.1111/twec.13536","url":null,"abstract":"This paper studies the effect of being landlocked on international trade flows in the manufacturing sector. The study overcomes the empirical challenge of using a country-specific variable ‘landlocked’, within a structural gravity framework in the presence of importer and exporter fixed effects. Results show that the impact of being landlocked for manufactured goods trade is highly negative and statistically significant. Such effect is higher for low-income landlocked countries compared to high-income landlocked countries. The impact of being landlocked on manufactured goods trade declined in 2005 compared to 1980. A series of robustness checks further confirm the estimates.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":" 9","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138493292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economic growth has been crucial in contributing to carbon dioxide (CO2) emissions from the Industrial Revolution, and it affects CO2 emissions heterogeneously with different income levels. Therefore, studying the role of economic growth on inequality in carbon emissions is imperative. This paper analyses the determinants of CO2 emissions inequality in the panel dataset of 37 Organisation for Economic Co-operation and Development (OECD) countries from 1990 to 2019. Age dependency, globalisation, and institutional quality reduce CO2 inequality in the OECD economies. However, gross domestic product per capita increases CO2 inequality. The results are robust to utilise different panel data estimation techniques. This paper provides the first evidence in the literature of determinants of CO2 inequality across the OECD countries. It is suggested that governments in the OECD economies offer a blueprint for a sustainable society of green economic growth. Other potential policy implications are also discussed.
{"title":"Globalisation and carbon dioxide emissions inequality in OECD countries","authors":"Jianchun Fang, Giray Gozgor, Mantu Kumar Mahalik, Gupteswar Patel, Xueyin Song","doi":"10.1111/twec.13542","DOIUrl":"https://doi.org/10.1111/twec.13542","url":null,"abstract":"Economic growth has been crucial in contributing to carbon dioxide (CO<sub>2</sub>) emissions from the Industrial Revolution, and it affects CO<sub>2</sub> emissions heterogeneously with different income levels. Therefore, studying the role of economic growth on inequality in carbon emissions is imperative. This paper analyses the determinants of CO<sub>2</sub> emissions inequality in the panel dataset of 37 Organisation for Economic Co-operation and Development (OECD) countries from 1990 to 2019. Age dependency, globalisation, and institutional quality reduce CO<sub>2</sub> inequality in the OECD economies. However, gross domestic product per capita increases CO<sub>2</sub> inequality. The results are robust to utilise different panel data estimation techniques. This paper provides the first evidence in the literature of determinants of CO<sub>2</sub> inequality across the OECD countries. It is suggested that governments in the OECD economies offer a blueprint for a sustainable society of green economic growth. Other potential policy implications are also discussed.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"64 8","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article examines the impact of membership in the European Union (EU) on foreign direct investments (FDI). In contrast to previous studies, the overall effect of EU membership is disaggregated by countries that joined the EU before 2004 (EU15) and those that joined after 2004 [Central and Eastern European (CEE)]. This disaggregation is motivated by differences between the two groups in terms of their historical background, GDP levels and motives for FDI. Furthermore, the effects of EU membership are estimated at the country level. Using a structural FDI gravity model and applying recent advances in the gravity estimation literature, it is shown that membership of the EU has a substantial positive impact on both inward and outward FDI stocks. In particular, there is considerable heterogeneity in the impact of EU membership, with EU15 countries experiencing mainly an increase in inward FDI, while CEE countries experience a surge in outward FDI.
{"title":"How EU membership affects foreign direct investment: Differences between EU15 and CEE countries","authors":"Bettina Meinhart","doi":"10.1111/twec.13541","DOIUrl":"https://doi.org/10.1111/twec.13541","url":null,"abstract":"This article examines the impact of membership in the European Union (EU) on foreign direct investments (FDI). In contrast to previous studies, the overall effect of EU membership is disaggregated by countries that joined the EU before 2004 (EU15) and those that joined after 2004 [Central and Eastern European (CEE)]. This disaggregation is motivated by differences between the two groups in terms of their historical background, GDP levels and motives for FDI. Furthermore, the effects of EU membership are estimated at the country level. Using a structural FDI gravity model and applying recent advances in the gravity estimation literature, it is shown that membership of the EU has a substantial positive impact on both inward and outward FDI stocks. In particular, there is considerable heterogeneity in the impact of EU membership, with EU15 countries experiencing mainly an increase in inward FDI, while CEE countries experience a surge in outward FDI.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"20 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economic integration ranks as one of the leading development strategies in Africa. The newly created African Continental Free Trade Area (AfCFTA) and the proposed Tripartite Free Trade Area (TFTA) linking three major regional blocks offer a new impetus to studying trade policy effects. Using a structural gravity model of bilateral manufacturing trade between the African Union member states and all countries in the world, the trade effects of African economic integration agreements (EIAs) are assessed. The findings suggest that economic integration, in aggregate, enhances total African exports. Disaggregating the effects by type of agreement and by subgroups of countries, free trade agreements (FTAs) and partial scope agreements (PSAs) are found to increase extra-African exports, but have no effects on intra-African exports. A positive and significant effect on intra-African exports is introduced when the FTA dummy is combined with AfCFTA in contrast to a neutral effect stemming from the joint FTA-TFTA dummy. The findings suggest that a continent-wide FTA yields greater benefits when compared with integrating the subregions.
{"title":"African economic integration and trade","authors":"Marie M. Stack, Emmanuel B. Amissah, Martin Bliss","doi":"10.1111/twec.13538","DOIUrl":"https://doi.org/10.1111/twec.13538","url":null,"abstract":"Economic integration ranks as one of the leading development strategies in Africa. The newly created African Continental Free Trade Area (AfCFTA) and the proposed Tripartite Free Trade Area (TFTA) linking three major regional blocks offer a new impetus to studying trade policy effects. Using a structural gravity model of bilateral manufacturing trade between the African Union member states and all countries in the world, the trade effects of African economic integration agreements (EIAs) are assessed. The findings suggest that economic integration, in aggregate, enhances total African exports. Disaggregating the effects by type of agreement and by subgroups of countries, free trade agreements (FTAs) and partial scope agreements (PSAs) are found to increase <i>extra</i>-African exports, but have no effects on <i>intra</i>-African exports. A positive and significant effect on intra-African exports is introduced when the FTA dummy is combined with AfCFTA in contrast to a neutral effect stemming from the joint FTA-TFTA dummy. The findings suggest that a continent-wide FTA yields greater benefits when compared with integrating the subregions.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"24 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517331","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While Japan's anti-dumping (AD) legislation has a long history, the use of AD policies in Japan was limited until the 2010s. This study analyses the evolution of Japan's AD policy over more than 100 years and its background across four periods: (1) from the AD Law's enactment in 1920 to the establishment of the General Agreement on Tariffs and Trade (GATT); (2) from the establishment of GATT to 1990, when no investigation or taxation was conducted; (3) from 1991 to 2008, a period of trial-and-error in AD procedures; and (4) the period after 2009 when the legal system and procedures were improved, and AD measures were being used more. In addition, we discuss the characteristics of industries that applied for AD. The reasons for the low number of AD measures in Japan vary by period and are driven by the circumstances of the prevailing times.
{"title":"Anti-dumping policy in Japan: From passive to active and self-disciplined anti-dumping actions","authors":"Chisato Shibayama","doi":"10.1111/twec.13540","DOIUrl":"https://doi.org/10.1111/twec.13540","url":null,"abstract":"While Japan's anti-dumping (AD) legislation has a long history, the use of AD policies in Japan was limited until the 2010s. This study analyses the evolution of Japan's AD policy over more than 100 years and its background across four periods: (1) from the AD Law's enactment in 1920 to the establishment of the General Agreement on Tariffs and Trade (GATT); (2) from the establishment of GATT to 1990, when no investigation or taxation was conducted; (3) from 1991 to 2008, a period of trial-and-error in AD procedures; and (4) the period after 2009 when the legal system and procedures were improved, and AD measures were being used more. In addition, we discuss the characteristics of industries that applied for AD. The reasons for the low number of AD measures in Japan vary by period and are driven by the circumstances of the prevailing times.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"64 9","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recent disruptions in international trade have had significant impacts on consumers and producers worldwide and stemmed from various reasons. This study aims to identify key vulnerabilities in EU agriculture by examining an import stop on food and feed products. By conducting this stylised simulation using a global PE model (CAPRI), the authors analyse the adjustment mechanisms within the sector, investigate regional differences within the EU and test the model's ability to depict such a comprehensive scenario. The findings suggest that oilseeds are most affected by an import stop due to their high import share. Meat is indirectly impacted as it relies on imported soy for animal feed, whereas other products with high self-sufficiency levels are hardly affected. In response to the import stop, EU production expands, increasing nitrogen surpluses, particularly in regions already facing critical levels. Meat production partially moves out of the EU, increasing global GHG emissions. EU consumers are negatively affected by increased prices, leading to an overall welfare decrease in the EU with exceptions for few member states. Alongside EU imports, exports decrease, affecting prices and welfare outside the EU. In the least developed countries, prices increase especially for products that are already consumed less than recommended.
{"title":"EU agriculture under an import stop for food and feed","authors":"Ferike Thom, Alexander Gocht, Harald Grethe","doi":"10.1111/twec.13537","DOIUrl":"https://doi.org/10.1111/twec.13537","url":null,"abstract":"Recent disruptions in international trade have had significant impacts on consumers and producers worldwide and stemmed from various reasons. This study aims to identify key vulnerabilities in EU agriculture by examining an import stop on food and feed products. By conducting this stylised simulation using a global PE model (CAPRI), the authors analyse the adjustment mechanisms within the sector, investigate regional differences within the EU and test the model's ability to depict such a comprehensive scenario. The findings suggest that oilseeds are most affected by an import stop due to their high import share. Meat is indirectly impacted as it relies on imported soy for animal feed, whereas other products with high self-sufficiency levels are hardly affected. In response to the import stop, EU production expands, increasing nitrogen surpluses, particularly in regions already facing critical levels. Meat production partially moves out of the EU, increasing global GHG emissions. EU consumers are negatively affected by increased prices, leading to an overall welfare decrease in the EU with exceptions for few member states. Alongside EU imports, exports decrease, affecting prices and welfare outside the EU. In the least developed countries, prices increase especially for products that are already consumed less than recommended.","PeriodicalId":48147,"journal":{"name":"World Economy","volume":"38 1","pages":""},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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