Date: 2020
Type: Article
Rethinking international subsidy rules
World economy, 2020, Vol. 43, No. 12, pp. 3104-3132
HOEKMAN, Bernard M., NELSON, Douglas, Rethinking international subsidy rules, World economy, 2020, Vol. 43, No. 12, pp. 3104-3132
- https://hdl.handle.net/1814/70044
Retrieved from Cadmus, EUI Research Repository
Geo-economic tensions, notably associated with the rise of China, and global collective action problems-climate change and the COVID-19pandemic-call for international cooperation to revise and develop rules to guide both the use of domestic subsidies and responses by governments to cross-border competition spillover effects. Current WTO rules dividing all subsidies into prohibited or actionable categories are no longer fit for purpose. Piecemeal efforts in preferential trade agreements and bi- or trilateral configurations offer a basis on which to build but are too narrow in scope. Addressing spillover effects of subsidies could start with G20 countries launching a work programme to mobilise an epistemic community concerned with subsidy policies, tasked with building a more solid evidence base on the magnitude, purpose and effects of subsidy policies. The need for such cooperation has become even more pressing by the COVID-19 pandemic and associated increase in the use of subsidy programmes in major economies.
Additional information:
First published online: 05 September 2020
Cadmus permanent link: https://hdl.handle.net/1814/70044
Full-text via DOI: 10.1111/twec.13022
ISSN: 0378-5920; 1467-9701
Publisher: Wiley
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