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Guido Lorenzoni - One of the best experts on this subject based on the ideXlab platform.
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Persistent Appreciations and Overshooting: A Normative Analysis
IMF Economic Review, 2014Co-Authors: Ricardo J Caballero, Guido LorenzoniAbstract:Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the Export Sector. This paper presents a model of irreversible destruction where exchange rate intervention may be justified if the Export Sector is financially constrained. However, the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (that is, during the appreciation phase) interventions have limited effects if the financial resources in the Export Sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the Export Sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation.
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persistent appreciations and overshooting a normative analysis
Social Science Research Network, 2007Co-Authors: Ricardo J Caballero, Guido LorenzoniAbstract:Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the Export Sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the Export Sector is financially constrained. However the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (i.e., during the appreciation phase) interventions have limited effects if the financial resources in the Export Sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the Export Sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation. On the methodological front, we develop a framework to study optimal dynamic interventions in economies with financially constrained agents.
Warwick E Murray - One of the best experts on this subject based on the ideXlab platform.
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the interaction of global value chains and rural livelihoods the case of smallholder raspberry growers in chile
Journal of Agrarian Change, 2011Co-Authors: Edward Challies, Warwick E MurrayAbstract:This paper integrates aspects of global value chain and sustainable rural livelihoods analyses in an exploration of the local impacts of agri-food globalization in Chile. In particular, it examines the evolution of the raspberry Export Sector in the context of Chile's non-traditional agricultural Export boom, and considers its importance to smallholder growers and rural households in central Chile. The paper first outlines the geography and structural configuration of the global value chain for Chilean raspberries, and considers modes of governance and forms of coordination between key actors within the chain. Second, the terms and implications of smallholder grower participation in the value chain are explored in a discussion of access to key livelihoods assets. The paper concludes that institutional support to smallholders, even in the case of a crop that is widely seen to have a small-scale ‘size bias', remains integral to their capacity to comply with required safety and quality standards and gain and retain market access via the value chain.
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grounding geographies of economic globalisation globalised spaces in chile s non traditional Export Sector 1980 2005
Tijdschrift voor economische en sociale geografie, 2009Co-Authors: Jonathan R Barton, Warwick E MurrayAbstract:The debate around neoliberal globalisation and its impacts on economically peripheral countries has been waged by partisan forces to the right and left since the early 1990s. Much of this debate focuses at the scale of the nation-state, or of the whole globe, and, while often sophisticated in an ideological sense, is scant in terms of consideration of the ‘grounded’ outcomes of the processes and discourses of globalisation. This paper argues that an appreciation of the contingent economic geography and political economy of any given local and regional transformation is essential for understanding the outcomes of economic globalisation. In order to illustrate this, the paper analyses two regional non-traditional agricultural Export (NTAX) complexes in the highly globalised Chilean economy. By focusing on ‘hotspots’ or ‘globalised spaces’ at the regional and local scales we are able to cut through the rhetoric associated with generalised arguments for and against economic globalisation and illustrate that both the roots and impacts of the insertion into global commodity complexes are highly geographically contingent. Our analysis concludes that NTAX development in Chile over the past 25 years has radically restructured local and regional economies, has concentrated wealth ‘extra-regionally’, has exacerbated social differentiation, and threatens environmental sustainability. We argue that policy that seeks to address these trends requires more grounded consideration of the complex and uneven geography of economic globalisation that does not privilege analysis at any one scale and that seeks to elucidate the links between the ‘global’ and the ‘local’.
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neo feudalism in latin america globalisation agribusiness and land re concentration in chile
The Journal of Peasant Studies, 2006Co-Authors: Warwick E MurrayAbstract:This article traces the effects of globalisation on an Export-oriented ‘hotspot’ in Chile's non-traditional agricultural Export Sector. Drawing on evidence from fieldwork carried out in 1994 and in 2004/5, the analysis examines the impact of neoliberal policy over the past two decades. Although the fruit Export Sector is seen as a key success story of the Chilean economy, and is an area to which small producers are often encouraged to ‘reconvert’, it is argued here that the outcome has been land re-concentration, marginalisation and proletarianisation. Small farmers become increasingly locked into dependent relationships with larger landowners and agribusiness, whilst others form a rural proletariat that serves these concerns. Whilst some commentators have labelled this process ‘semi’ or ‘neo’ feudalism, this article maintains that we are witnessing a deepening fragmentation of the peasantry driven by the continued development of capitalism. The gains of the earlier land reform period are being eroded as ...
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dilemmas of development in oceania the political economy of the tongan agro Export Sector
The Geographical Journal, 2001Co-Authors: Donovan Storey, Warwick E MurrayAbstract:This article critically engages with the recent diffusion of the orthodox development model in Oceania and highlights some evolving dilemmas. In particular, it explores the social, economic and ecological tensions arising from economic reforms that are exacerbating the fragility of already vulnerable nation-states and communities. In order to illustrate its arguments, a case study of the impacts of agro-Export growth in Tonga is presented. Attention is drawn to the socially inequitable and ecologically unsustainable outcomes of rapid growth in this Sector. In analyzing the political economy of the squash pumpkin Sector, the authors point to the important role that culture plays in mediating and conditioning development outcomes. Reflecting on the Tongan case, it is argued that to better understand the implications of orthodox developmental reform in the region, research must seek to more explicitly incorporate distributional and ethical analysis.
Ricardo J Caballero - One of the best experts on this subject based on the ideXlab platform.
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Persistent Appreciations and Overshooting: A Normative Analysis
IMF Economic Review, 2014Co-Authors: Ricardo J Caballero, Guido LorenzoniAbstract:Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the Export Sector. This paper presents a model of irreversible destruction where exchange rate intervention may be justified if the Export Sector is financially constrained. However, the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (that is, during the appreciation phase) interventions have limited effects if the financial resources in the Export Sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the Export Sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation.
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persistent appreciations and overshooting a normative analysis
Social Science Research Network, 2007Co-Authors: Ricardo J Caballero, Guido LorenzoniAbstract:Most economies experience episodes of persistent real exchange rate appreciations, when the question arises whether there is a need for intervention to protect the Export Sector. In this paper we present a model of irreversible destruction where exchange rate intervention may be justified if the Export Sector is financially constrained. However the criterion for intervention is not whether there are bankruptcies or not, but whether these can cause a large exchange rate overshooting once the factors behind the appreciation subside. The optimal policy includes ex-ante and ex-post interventions. Ex-ante (i.e., during the appreciation phase) interventions have limited effects if the financial resources in the Export Sector are relatively abundant. In this case the bulk of the intervention takes place ex-post, and is concentrated in the first period of the depreciation phase. In contrast, if the financial constraint in the Export Sector is tight, the policy is shifted toward ex-ante intervention and it is optimal to lean against the appreciation. On the methodological front, we develop a framework to study optimal dynamic interventions in economies with financially constrained agents.
Miet Maertens - One of the best experts on this subject based on the ideXlab platform.
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worker empowerment through private standards evidence from the peruvian horticultural Export Sector
Journal of Development Studies, 2017Co-Authors: Monica Schuster, Miet MaertensAbstract:AbstractIn this paper we analyse the impact of a variety of private standards on worker empowerment in the horticultural Export Sector in Peru. Empowerment is defined as workers’ knowledge of their own rights and workers’ perceived agency to improve employment conditions. We use data from a company and a two-round employee survey, and difference-in-difference propensity score matching methods. We find positive effects of private standards on worker empowerment, with core labour standards having a more pronounced effect than standards with a small focus on labour, and thus complement previous evidence on the effects of standards on tangible employee wellbeing.
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Employment Conditions in the Senegalese Horticultural Export Industry: A Worker Perspective
Development Policy Review, 2016Co-Authors: Goedele Van Den Broeck, Kaat Van Hoyweghen, Miet MaertensAbstract:The rapid transformation of the agri-food Sector in developing countries has created rural off-farm employment opportunities, especially for women. There is growing concern about worker welfare and employment conditions in agri-food and Export Sectors, but empirical evidence on this issue is scant. We analyse contractual preferences of female workers in the horticultural Export Sector in Senegal. We use a discrete choice experiment to assess women's preferences for a labour contract and employ a latent class model to capture preference heterogeneity. We find that women have a high willingness to accept a labour contract in the horticultural Export industry, and that differences in preferences for contract attributes can be explained by women's empowerment status.
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does female employment reduce fertility rates evidence from the senegalese horticultural Export Sector
2014Co-Authors: Goedele Van Den Broeck, Miet MaertensAbstract:The recent horticultural Export boom in Senegal has created new off-farm wage employment opportunities for the rural population, especially for women. We hypothesise that female wage employment may lower fertility rates through an income effect, an empowerment effect and a substitution effect, and address this question empirically using household survey data and two different regression techniques (a Difference-in-Differences estimator and an Instrumental Variable approach). We find that besides education, female employment has a significant negative effect on fertility rates. Reducing fertility rates is considered as a prerequisite for reaching the MDGs, and our finding implies that the horticultural Export boom and associated employment may indirectly contribute to this.
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do private standards create exclusive supply chains new evidence from the peruvian asparagus Export Sector
Food Policy, 2013Co-Authors: Monica Schuster, Miet MaertensAbstract:Abstract Developing countries are increasingly Exporting fresh horticultural products to high-income countries. These Exports increasingly have to comply with stringent public and private standards, as well as other quality and safety issues. There is an ongoing debate on the effect of private standards on the inclusion of small-scale farmers in Export supply chains. With this paper, we contribute to this debate by providing new evidence from the Peruvian asparagus Export Sector, and by addressing several important methodological shortcomings and gaps in the existing literature. We describe Export dynamics using a unique firm level dataset on 567 asparagus Export firms from 1993 to 2011 and the evolution of certification to private standards using own survey data from a stratified random sample of 87 Export firms. We use an unbalanced panel of the surveyed companies on 19 years and several methods, including fixed effects and GMM estimators, to estimate the causal impact of certification to private standards on companies' sourcing strategy. We find that certification leads to vertical integration and significantly reduces the share of produce that is sourced from external producers, with a larger effect for small-scale producers. When distinguishing between production and processing standards, and between low-level and high-level standards, we find that especially high-level production standards have a negative impact on sourcing from (small-scale) producers.
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private food standards and firm level trade effects a dynamic analysis of the peruvian asparagus Export Sector
Research Papers in Economics, 2012Co-Authors: Monica Schuster, Miet MaertensAbstract:Private standards are increasingly governing international food trade, but little is known about the implications for developing countries. The objective of the study is to provide evidence in the ongoing debate on standards as barrier or catalyst for developing countries’ Export. We use the Peruvian fresh asparagus Export Sector as a case study and provide empirical panel data evidence on the effects of certification to private food standards on Export volumes of firms. Our dataset on the transactions of 567 Export firms from 1993 to 2011 allows us to take Export dynamics and time trends into account, as well as to keep country and Sector specific effects constant. In our empirical strategy, we first use simple OLS and ignore firm-specific unobservable effects and dynamic Export patterns. We then account for Export persistence, as well as company fixed effects and finally, use System-GMM estimators to address potential reversed causality issues. These approaches represent substantial methodological improvements compared with previous studies on the trade effects of private standards. The empirical innovation is crucial for accurate impact estimation, as results indicate that certification to standards has a positive effect on the Export volumes of companies, but that the significant effect dwindles as soon as unobserved firm heterogeneity and Export persistency are properly controlled for. Additional studies with large data availabilities are needed to further disentangle the effect and confirm the case study results.
Girum Abebe - One of the best experts on this subject based on the ideXlab platform.
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earnings savings and job satisfaction in a labor intensive Export Sector evidence from the cut flower industry in ethiopia
World Development, 2018Co-Authors: Aya Suzuki, Yukichi Mano, Girum AbebeAbstract:Abstract While labor-intensive Export-oriented industries typically bring positive economic benefits to countries through employment generation, the effects of employment in these industries on various aspects of workers’ welfare are less well-studied. This paper considers the case of the cut flower industry in Ethiopia to provide such quantitative evidences. We collected workers’ primary data and conducted incentivized experiments to measure their cognitive abilities, risk preference, and other behavioral characteristics. Based on propensity-score matching and doubly robust estimations to facilitate rigorous comparisons, we find that production workers in the cut flower Sector earn significantly more than similar workers in other Sectors, most probably due to the flower farms’ interest to reduce costly worker turnovers. In addition, workers in the Sector save more regularly than workers in other Sectors who have similar characteristics, and the amount saved relative to the income level is also higher, after controlling for the frequency of wage payment and employment status. The subjective valuation of their jobs is also higher in the cut flower Sector, particularly in terms of the income level, stability, and future prospect, but workers in the Sector are not necessarily more satisfied with the type of work they do. Unlike other Sectors where wage payment decreases with worker’s age, wage in the flower Sector does not vary with age. Risk-averse individuals are more satisfied in the cut flower Sector, while work experience reduces the satisfaction level on future prospect more in this Sector relative to other Sectors.
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earnings savings and job satisfaction in a labor intensive Export Sector evidence from the cut flower industry in ethiopia
2017Co-Authors: Aya Suzuki, Yukichi Mano, Girum AbebeAbstract:While labor-intensive Export-oriented industries typically bring positive economic benefits to countries through employment generation, the effects of these industries on various aspects of workers’ welfare have not been formally studied very well. This paper considers the case of the cut flower industry in Ethiopia to provide such quantitative evidences. Based on the propensity-score matching and doubly robust estimations to facilitate rigorous comparisons, we find that production workers in the cut flower Sector earn significantly more than similar workers in other Sectors, most probably due to the flower farms’ interest to reduce costly worker turnovers. In addition, the cut flower industry workers save more regularly than workers in other Sectors who have similar characteristics, and the amount saved relative to the income level is also higher, after controlling for the frequency of wage payment and employment status. The subjective valuation of their jobs is also higher in the cut flower Sector, particularly in terms of the income level, stability, and future prospect, but they are not necessarily more satisfied with the type of work they do. Risk-averse individuals are more satisfied in the cut flower Sector and age is rewarded more, while work experience and math skills tend to reduce satisfaction levels more in the Sector at this level of unskilled production workers.
