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A Measurement of Aggregate Trade Restrictions and Their Economic Effects

Author

Listed:
  • Estefania Flores, Julia
  • Furceri, Davide
  • Ahmed Hannan, Swarnali
  • Ostry, Jonathan D.
  • Rose, Andrew
Abstract
We develop a new Measure of Aggregate Trade Restrictions (MATR) using data from the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions. MATR is an empirical measure of how restrictive official government policy is towards the international flow of goods and services. MATR is simple, ad hoc, plausible, quantitative, easily updated, based solely on policy-relevant measures of trade policy, and covers an unbalanced sample of up to 157 countries annually between 1949 and 2019. MATR is strongly correlated with, but more comprehensive than, existing measures of openness and trade policy existing measures. We use MATR to show that trade restrictions are harmful for the economy and lead to significant contractions in output.

Suggested Citation

  • Estefania Flores, Julia & Furceri, Davide & Ahmed Hannan, Swarnali & Ostry, Jonathan D. & Rose, Andrew, 2022. "A Measurement of Aggregate Trade Restrictions and Their Economic Effects," CEPR Discussion Papers 16919, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:16919
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    File URL: https://cepr.org/publications/DP16919
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    Citations

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    Cited by:

    1. Campos, Rodolfo G. & Estefania-Flores, Julia & Furceri, Davide & Timini, Jacopo, 2023. "Geopolitical fragmentation and trade," Journal of Comparative Economics, Elsevier, vol. 51(4), pages 1289-1315.
    2. Estefania-Flores, Julia & Furceri, Davide & Hannan, Swarnali A. & Ostry, Jonathan D. & Rose, Andrew K., 2023. "Are trade restrictions counter-cyclical? Evidence from a new aggregate measure," Journal of Policy Modeling, Elsevier, vol. 45(4), pages 745-767.
    3. Rose, A.K. & Rose, A.I.G., 2024. "A presence of absence: The benign emergence of monetary stability," Journal of International Money and Finance, Elsevier, vol. 146(C).
    4. Kym Anderson & Sundar Ponnusamy, 2022. "Structural transformation away from agriculture: What role for trade?," Departmental Working Papers 2022-04, The Australian National University, Arndt-Corden Department of Economics.

    More about this item

    Keywords

    Empirical; Data; Protection; Tariffs; Non-tariff barriers; Policy; Annual; Panel;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F15 - International Economics - - Trade - - - Economic Integration

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