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Author: Reda Cherif
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
As countries strive for a strong recovery and to recoup the losses incurred during the COVID-19 pandemic, they need to map out a new path for development and high and sustained growth. Promoting diversification, developing new industrial capabilities, and designing the policies needed to achieve this goal should be a priority. A successful diversification strategy should tackle both broad policy failures, such as an unfavorable business environment and investment climate and sector-specific market failures. This departmental paper presents a conceptual framework to analyze industrial policy, defined as targeted sectoral interventions. The authors first discuss the key principles that should guide policymakers, that is, a focus on the market failures that could justify targeted sectoral interventions, as well as the potential government failures that can undermine these interventions. The authors then discuss some commonly employed policy tools, their rationale, and the associated pitfalls. Finally, the authors outline a stylized decision-making framework.
Author: Reda Cherif
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 31
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Book Description
As countries strive for a strong recovery and to recoup the losses incurred during the COVID-19 pandemic, they need to map out a new path for development and high and sustained growth. Promoting diversification, developing new industrial capabilities, and designing the policies needed to achieve this goal should be a priority. A successful diversification strategy should tackle both broad policy failures, such as an unfavorable business environment and investment climate and sector-specific market failures. This departmental paper presents a conceptual framework to analyze industrial policy, defined as targeted sectoral interventions. The authors first discuss the key principles that should guide policymakers, that is, a focus on the market failures that could justify targeted sectoral interventions, as well as the potential government failures that can undermine these interventions. The authors then discuss some commonly employed policy tools, their rationale, and the associated pitfalls. Finally, the authors outline a stylized decision-making framework.
Author: Arkebe Oqubay
Publisher: Oxford University Press, USA
ISBN: 0198862423
Category : Business & Economics
Languages : en
Pages : 981
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Book Description
Industrial policy has long been regarded as a strategy to encourage sector-, industry-, or economy-wide development by the state. It has been central to competitiveness, catching up, and structural change in both advanced and developing countries. It has also been one of the most contested perspectives, reflecting ideologically inflected debates and shifts in prevailing ideas. There has lately been a renewed interest in industrial policy in academic circles and international policy dialogues, prompted by the weak outcomes of policies pursued by many developing countries under the direction of the Washington Consensus (and its descendants), the slow economic recovery of many advanced economies after the 2008 global financial crisis, and mounting anxieties about the national consequences of globalization. The Oxford Handbook of Industrial Policy presents a comprehensive review of and a novel approach to the conceptual and theoretical foundations of industrial policy. The Handbook also presents analytical perspectives on how industrial policy connects to broader issues of development strategy, macro-economic policies, infrastructure development, human capital, and political economy. By combining historical and theoretical perspectives, and integrating conceptual issues with empirical evidence drawn from advanced, emerging, and developing countries, The Handbook offers valuable lessons and policy insights to policymakers, practitioners and researchers on developing productive transformation, technological capabilities, and international competitiveness. It addresses pressing issues including climate change, the gendered dimensions of industrial policy, global governance, and technical change. Written by leading international thinkers on the subject, the volume pulls together different perspectives and schools of thought from neo-classical to structuralist development economists to discuss and highlight the adaptation of industrial policy in an ever-changing socio-economic and political landscape.
Author: Reda Cherif
Publisher: International Monetary Fund
ISBN: 1498305563
Category : Business & Economics
Languages : en
Pages : 79
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Book Description
Industrial policy is tainted with bad reputation among policymakers and academics and is often viewed as the road to perdition for developing economies. Yet the success of the Asian Miracles with industrial policy stands as an uncomfortable story that many ignore or claim it cannot be replicated. Using a theory and empirical evidence, we argue that one can learn more from miracles than failures. We suggest three key principles behind their success: (i) the support of domestic producers in sophisticated industries, beyond the initial comparative advantage; (ii) export orientation; and (iii) the pursuit of fierce competition with strict accountability.
Author: Jesus Felipe
Publisher: Edward Elgar Publishing
ISBN: 1784715549
Category : Business & Economics
Languages : en
Pages : 425
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Book Description
Development and Modern Industrial Policy in Practice provides an up-to-date analysis of industrial policy. Modern industrial policy refers to the set of actions and strategies used to favor the more dynamic sectors of the economy. A key aspect of moder
Author: Mame Astou Diouf
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
The need for Sub-Saharan African (SSA) countries to diversify their economies is more urgent than ever. However, despite its established economic benefits, several challenges have precluded diversification in SSA. Against this backdrop, interesting initiatives to further adopt digital technologies, particularly during the COVID-19 pandemic, suggest that digitalization is a promising avenue to overcome barriers to diversification. Fast-paced advances in the diffusion of digital technologies and knowledge have the potential to transform SSA economies through several channels. By connecting people and facilitating the rapid diffusion of information, digitalization also promises to reshape the industrial structure of activities in new and unprecedented ways. Therefore, digitalization has the potential to promote diversification and growth in SSA by acting both as an enabler and driver of economic activities, helping support resilience. Yet, while the empirical literature on SSA suggests that digitalization can provide new opportunities for growth, employment, productivity, and inclusion, the impact on diversification has not been studied. This paper aims to fill this important gap in the literature. It also aims to strengthen IMF engagement with SSA policy makers by providing a conceptual policy framework, encompassing both horizontal and sectoral policies, on how to leverage digitalization to support diversification and boost resilience in a post-COVID world.
Author: Daniel Lederman
Publisher: World Bank Publications
ISBN: 0821384910
Category : Business & Economics
Languages : en
Pages : 153
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Book Description
Does what economies export matter for development? If so, can industrial policies improve on the export basket generated by the market? This book approaches these questions from a variety of conceptual and policy viewpoints. Reviewing the theoretical arguments in favor of industrial policies, the authors first ask whether existing indicators allow policy makers to identify growth-promoting sectors with confidence. To this end, they assess, and ultimately cast doubt upon, the reliability of many popular indicators advocated by proponents of industrial policy. Second, and central to their critique, the authors document extraordinary differences in the performance of countries exporting seemingly identical products, be they natural resources or 'high-tech' goods. Further, they argue that globalization has so fragmented the production process that even talking about exported goods as opposed to tasks may be misleading. Reviewing evidence from history and from around the world, the authors conclude that policy makers should focus less on what is produced, and more on how it is produced. They analyze alternative approaches to picking winners but conclude by favoring 'horizontal-ish' policies--for instance, those that build human capital or foment innovation in existing and future products—that only incidentally favor some sectors over others.
Author: José Manuel Salazar-Xirinachs
Publisher:
ISBN: 9789221285663
Category : Developed countries
Languages : en
Pages : 400
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Book Description
This book helps connect the dots between economic theory, the role of capabilities, the lessons from history and the practical challenges of design and implementation of industrial policies. In so doing it provides an excellent policy roadmap for anyone interested in the challenge of promoting catch-up growth and productive transformation.
Author: Sherzod Shadikhodjaev
Publisher: Cambridge University Press
ISBN: 1107145082
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
Highlights what national governments should know to properly conduct their industrial policies under the multilateral trading system.
Author: Kym Anderson
Publisher: Asian Development Bank
ISBN: 9292612638
Category : Business & Economics
Languages : en
Pages : 219
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Book Description
Kazakhstan has the potential to become an economic leader in Central Asia. Relying on oil and gas alone, however, will not produce the long-run level of growth needed to meet this potential. Reforms geared to improve the business climate, enhance competitiveness, and increase private sector participation are essential. This book examines reforms to accelerate economic diversification in the country. This involves not only modernizing and using public resources in agriculture more efficiently to increase productivity, but also transitioning of manufacturing toward high-potential exports to help the country’s industrial development and create employment opportunities. Upgrading innovation of oilfield services and improving transport and logistics are important to increase participation in the global value chains.
Author: David O'Connor
Publisher: Zed Books
ISBN: 9781848130272
Category : Business & Economics
Languages : en
Pages : 452
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Book Description
With very few exceptions, industrial development has been central to the process of structural transformation which characterises economic development. Industrial Development for the 21st century examines the new challenges and opportunities arising from globalization, technological change and new international trade rules. The first part focuses on key sectors with potential for developing countries, focussing on two key themes. First, traditional points of entry for late industrializers - like textiles and clothing - have become even more intensely competitive than ever before, requiring more innovative adaptive strategies for success. Second, countries now recognize that manufacturing does not exhaust the opportunities for producing high value-added goods and services for international markets. Knowledge intensity is increasing across all spheres of economic activity, including agriculture and services, which can offer promising development paths for some developing countries. The final section addresses social and environmental aspects of industrial development. Labour-intensive, but not necessarily other patterns of industrial development can be highly effective in poverty reduction though further industrial progress may be less labour-intensive. A range of policies can promote industrial energy and materials efficiency, often with positive impacts on firms' financial performance as well as the environment. Promoting materials recycling and reuse is an effective, if indirect means of conserving resources. Finally, the growth of multinational interest in corporate social responsibility is traced, with consideration given to both the barriers and opportunities this can pose for developing country enterprises linked to global supply chains.
