ORCID Profile
0000-0003-0725-8621
Current Organisations
Monash University
,
University of Oxford
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Publisher: Center for Open Science
Date: 08-2023
Abstract: We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely correlational and marred by interpretational problems. On the whole, the recent crop of papers offers a more positive take on industrial policy. We review the standard rationales and critiques of industrial policy and provide a broad overview of new empirical approaches to measurement. We discuss how the recent literature, paying close attention to measurement, causal inference, and economic structure, is offering a nuanced and contextual understanding of the effects of industrial policy. We re-evaluate the East Asian experience with industrial policy in light of recent results. Finally, we conclude by reviewing how industrial policy is being reshaped by a new understanding of governance, a richer set of policy instruments beyond subsidies, and the reality of de-industrialization.
Publisher: Center for Open Science
Date: 25-08-2022
Abstract: Since the 18th century, policymakers have debated the merits of industrial policy (IP). Yet, economists lack measures and data on its use. We provide a new approach to measuring industrial policy from text and study its global patterns. We create an automated classification algorithm and categorize policies from a global database of commercial policy descriptions, 2009-2020. By quantifying policy at the country, industry, and year levels, we provide a first disaggregated analysis of international industrial policies. We highlight four findings. First, IP is common (25% of policies in our database) and has expanded since 2010. Second, instead of blunt tariffs, IP is granular and technocratic. Countries tend to use subsidies and export promotion measures, often targeted at in idual firms. Third, the countries engaged most in IP tend to be wealthier (top income quintile) liberal democracies. In our data, IP is rarer among the poorest nations (bottom quintile). Fourth, IP is targeted toward a subset of industries and is highly correlated with an industry’s revealed comparative advantage. Our approach to measuring industrial policy shows that contemporary practice is likely much different from the past.
Publisher: The Econometric Society
Date: 2018
DOI: 10.3982/ECTA15122
Publisher: Springer Science and Business Media LLC
Date: 03-01-2020
Publisher: Center for Open Science
Date: 18-12-2020
Abstract: Civil society plays a critical role in governance where laws and authority are weak. We study how a key strategy of international civil society—disseminating information about human rights abuse—impacts multinationals. To do so, we focus on trends at the center of international c aigns: the assassination of activists, and collect 20 years of data related to murders associated with the global mining sector. Using event study methodology, we estimate the impact of the human rights spotlight on the stock price of firms connected to events. We find that the effect of the human rights spotlight is substantial. Firms named in assassination coverage have large, negative abnormal returns following assassinations. Our estimates imply a median loss in market capitalization of 100 million USD. Meanwhile, these events do not impact the social responsibility scores of firms. We show that the media plays a crucial role in these effects: the negative impact of assassinations is strongest when they coincide with calm news cycles versus peak news cycles, when news may be crowded out by large, international stories. In addition, we argue our results are driven by events where companies are explicitly named in the reporting. Last, we show that assassinations are positively related to the royalties paid by mining projects to domestic governments.
Location: United States of America
Location: United Kingdom of Great Britain and Northern Ireland
No related grants have been discovered for Nathan Lane.