External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.

External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.

We introduce a measure of exposure to foreign shocks -- openness -- that computes the fraction of output subjected to foreign shocks at any order. The measure is easy to obtain for any sector with input-output data; It implies that openness is much more prevalent than often thought, especially in services. Theoretically the new measure correlates systematically with the response of productivity to foreign shocks because it reflects high order linkages in output (rather than trade). Empirically it also correlates highly with productivity in an international sample of sector level data. None of these conclusions are true for conventional measures of openness.

International trade in 2009 is projected to contract for the first time since 1982. As a result, export diversifi cation has gained new urgency as one way of using exports to recover lost growth momentum. Moreover, diversifi cation is central to reducing income volatility and sustaining high growth rates, which are especially important for countries with large populations living in poverty. In the 1950s, countries became concerned that their dependence on primary products would lead to steady falls in the purchasing power of primary exports and thus slow growth. A major policy objective of developing countries since that time has been to diversify out of primary products into manufactures. Although some nations have been at least partially successful, many low-income countries remain dependent on a narrow range of primary products. 'Breaking Into New Markets' argues for a comprehensive view of diversifi cation. It explores new thinking and evidence about export diversifi cation and elaborates on policies for its promotion. These policies span tariffs and taxes, services, and government activities to help fi rms take advantage of global opportunities. The book is a compilation of chapters written as short, policy-focused pieces. Many digest longer, more academic papers in an effort to make the information accessible to a larger policy and nontechnical audience. In that sense, the book is a policy primer on what export diversifi cation can and cannot do for growth and how to make diversifi cation happen. Intelligently designed policies that effi ciently address the obstacles to export growth are critical for overall economic growth and poverty reduction. This book offers insights useful to policy makers and practitioners as they embark on efforts to design new programs of competitiveness in their trade strategies.

Is the concept of open society still relevant in the 21st century? Do the current social, moral, and political realities call for a drastic revision of this concept? Here fifteen essays address real-world contemporary challenges to open society from a variety of perspectives. What unites the individual authors and chapters is an interest in open society’s continuing usefulness and relevance to address current problems. And what distinguishes them is a rich variety of geographical and cultural backgrounds, and a wide range of academic disciplines and traditions. While focusing on probing the contemporary relevance of the concept, several chapters approach it historically. The book features a comprehensive introduction to the history and current ‘uses’ of the theory of open society. The authors link the concept to contemporary themes including education, Artificial Intelligence, cognitive science, African cosmology, colonialism, and feminism. The diversity of viewpoints in the analysis reflects a commitment to plurality that is at the heart of this book and of the idea of open society itself.

Archival snapshot of entire looseleaf Code of Massachusetts Regulations held by the Social Law Library of Massachusetts as of January 2020.