3 制度安排 激励机制和经济表现.ppt

制度安排、激励机制和经济表现 武常岐教授 光华管理学院副院长 Topics to be discussed Economics of institutions WTO accession Li and Wu (2004) SOE reform：Li and Wu (2002) Competition and regulation 1. WTO Accession and Economic Performance What is the impact of accession to GATT/WTO on an economy’s performance? It is a testing case of various controversies about globalization Stiglitz’s book Globalization and its discontent Evidence from the World 1960--98 We compile a panel data of 112 economies from 1960 to 1998. 74 of the 112 economies joined GATT/WTO during the sample period. Research Methodology An event study of the impact of GATT/WTO accession We alternatively classify the sample economies by per capita income and by differences in configurations of economic institutions. The Findings Our study shows that high-income economies (with per capita income over USD3,000 in 1987) benefited more than low-income economies from accession to GATT/WTO, enjoying faster GDP growth, faster growth in capital stock, import, export, and foreign direct investment (FDI), and significant increases in economy-wide productivity. The Findings (continue) Economies with common law origin gained significantly in all these areas Economies with continental European legal origins mostly saw more trade and FDI flows following the accession. Those former socialist economies that accessed to GATT/WTO experienced little economic improvements. Implications For a developing economy, economic backwardness per se is not an advantage but having proper initial economic institutions is much more important in order to benefit from globalization. The WTO Myth Andrew Rose’s study (2002) GATT has no effect on trade Trade increases due to other factors Why nations care about WTO membership? 2. The Colour of the Cats Central debate The variance of economic performance is attributable to management competence or ownership arrangement Ideological debates Anecdotal observation Why does Singapore airlines perform well Is S