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Trade openness has increased in recent decades ( Openness = exports plus imports of good and services as a proportion of domestic production) V2_G? STYLISED FACTS (cont.) 2. FDI openness has also increased@@x"         *STYLISED FACTS (cont.) 3. Higher international competition is associated with lower employment growth at the industry level (annual percentage growth rate, 1980-2000)6d++STYLISED FACTS (cont.) 4. Wage costs are far lower in the largest developing countries than in most OECD countries, 2002 [Costs = US$ at market exchange rates]@_',1Important offsetting factors are often overlooked22(1 &Trade also generates jobs via exports  Offshoring is not so threatening Trade has been a major driver of rising productivity and living standards 8@ $ -?The magnitude of trade-related adjustment costs: some evidence@@$?  Gains from trade imply labour reallocation But so do technological shocks, demographic shocks, etc. Labour reallocation implies displaced workers Need to balance compensation of displaced workers for their losses with adjustment from declining to expanding sectors+@ ;@ @ +;- , $  /Manufacturing workers are displaced more often than service workers, but evidence for a direct link between trade and job loss rates is mixed: Annual displacement rates 0Trade-displaced workers tend to be older, higher tenure, production workers: all characteristics associated with greater adjustment difficultiesMD 1dTrade-displaced workers bear adjustment costs: wage cuts are an important source of earnings losses in the US, while long-term joblessness plays a more important role in the EU(0*   @ 042Rationales for Compensation/ Adjustment Assistance33 @       x3 rationales for policy intervention - Efficiency: Output is lower due to involuntary unemployment of trade-displaced workers; capital reallocation takes time - Equity: Unfair that a minority of workers should lose from a policy that increases overall income (Corden s  Conservative Social Welfare Function ) - Political economy: Political support for international economic integration presupposes adequate help for workers who are hurt %P ZP ZP Z%  ro*    BUDo these rationales create a strong case for compensating trade-displaced workers? VR                  First answer on both efficiency and equity grounds: No to a specific trade-related programme; Yes to a programme for all permanently displaced workers. But there could be an exception on political-economy grounds, as in U.S. t5g I 4 B! J                                             CTWhat would a good compensation/adjustment scheme consist of for displaced workers? UU                    Need: Macroeconomic policies conducive to sustained growth and high employment. Flexible labour and product markets An effective package of UI/active labour market policies (ALMPs) Effective lifelong learning polices                                           )Elements of an effective UI/ALMPs package *)2   Set replacement rates at reasonable levels and avoid open-ended duration of benefits Basic job-search services available to all job losers - Counselling/developing an individual plan - The advantage of an early start (advance notification of plant closures) - Be alert to indirect victims (e.g. long-term unemployed in a heavily impacted local labour market) Monitor effectively the job-search activity of job-seekers The watch words are  activation/mutual obligations - This can involve sanctions if individual job seekers do not live up to their side of the bargain Take steps to make work pay Among the range of ALMPs, make much greater use of those that work and phase out those that don t Need more rigorous evaluations, especially in Europe  Pe PP P o a *m    YWould it be useful to invest in wage insurance schemes for permanently displaced workers?ZZY  Wage insurance: - Compensates for (part of) the wage losses on the new job (e.g. 50% of the difference in pay between the old and new jobs) - Recently introduced in France, Germany and the United States Unfortunately, no good evaluation evidence on whether wage insurance is a cost-effective instrument. - Serious design and implementation problems to be overcome. Puzzle: Is wage insurance pertinent for European labour markets, where large wage cuts following re-employment are so rare? Maybe more so for the US?  Z2P Z?P ZP ZP Ze<B*   ? 0 DbHow do current and proposed compensation/ adjustment schemes for trade-displaced workers shape up?cc                   TAA in the United States Very long-standing; has been on the go since early 1960s. Has gone through many changes, most recently in 2002 when health care benefit, wage insurance component were added Procedures for certification under TAA very long and arbitrary Not many workers get extended UI benefits or re-employment services Main purpose is extended UI; political sop to freer trade4 rj j                                                                                   EiHow do current and proposed compensation/adjustment schemes for trade-displaced workers shape up? (cont.)jj                       O2. Proposed EU Globalisation Adjustment Fund (GAF) Proposal made recently by EU Commission aim is to soften the negative impact of globalisation on laid-off workers and to improve their chances of finding new and better jobs by providing money for training and relocation. Proposal extremely sketchy but it seems to imply adjustment rather than compensation. Motivation is a political-economy one Supported by Britain and France, but opposed by Germany, Sweden and some others. Not obvious that this is most needed for EU rather than more adaptable labour and product markets. p3 )  c \d                                                                                                                       F6EU Countries spend a lot on UI/ALMPs unlike the US(1) :70            5Concluding thoughts$ NThe labour-market policy challenge from globalisation is real, but manageable - The goal: helping trade-displaced workers to re-integrate into productive employment - The means: a balanced package of largely familiar policies (e.g. good macro policy, flexible labour and product markets, effective activation of the unemployed via a package of UI/ALMPs/monitoring job-seeker behaviour/making work pay Little justification for policies that explicitly target trade-displaced workers except on political economy grounds - This seems more pertinent for the U.S. context then for Europe. OP ZHP ZuP ZCP ZOP 9u?*`   >  /;<?@IJ K L M N OPQRSTUVWXYZ[\P>   0` ̙33` ` ff3333f` 333MMM` f` f` 3>?" dd@f? rKd@l2   d@ `f"  n?" dd@   @@``PR    @ ` ` p>> N0 >6(     `xaxa1 ?p  T Click to edit Master title style! !@  ZTxaxa1 ?  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     S~  BA  ?1?   dB  <DԔ?  <|1?  t* 2 ^  61?Z  B޽h @ ? a( BMcG PowerPoint 0 f^@(  L  ZXH"_|"_|1 ? :v H ^Click to edit Master text styles Second level kjdjdjdjdjdjThird level Fourth level Fifth level!    _p  01 ?Em  HB  s *6gq ? a(80___PPT10.r}q  P 0( X  B  s *6gq ? a(80___PPT10.rp  0 N0 %  l( H l  l 6H < Leverhulme Globalisation Lecture, ԭ, 28 November 2005 Compensating Trade-Displaced Workers: A mountain or a molehill?PN%  $     l 0,H  I Kby John P. Martin Director for Employment, Labour and Social Affairs, OECDLLL H l 0޽h ? a(y___PPT10Y+D=' H= @B +   0 N0 PF(  x  c $Up  U   c $ Uz U "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' H= @B +   0 N0 p$(  r  S Up  U r  S `U U H  0޽h ? a(___PPT10i.g`+D=' H= @B +   0 N0 @T(  @ @ c $`7UI  U  @ c $h/U/ U "8(8XH @ 0޽h ? a(___PPT10i.C@S˩+D=' H= @B +  0 N0 F(  x  c $PUZ  U   c $(WU}w U "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' H= @B +  0 N0 DF(  Dx D c $gU]  U  D c $jD U "8(8XH D 0޽h ? a(___PPT10i.C@S˩+D=' H= @B +  0 N0 hU(  h~ h s *zUw7]  U  h 6l}Um q  @  h 0rD  ?%"# d h <1?ff h  0e0eA1 ?/`; DH h 0޽h ? a(___PPT10i._+D=' H= @B +  0 N0 $(  x  c $Up  U  0 BA V?   V U   0e0eA1 ? V UH  0޽h ? a(___PPT10i.p+D=' H= @B +  0 N0 0lU(  l~ l s *,Uw  U  l 6`Um q  @  l 0ȢU  ?%"# d l <1?ff l  0e0eA 1 ?i UH l 0޽h ? a(___PPT10i._+D=' H= @B +  0 N0 PpU(  p~ p s *Upz  U  p 6Um q  @  p 0@U  ?%"# d p <1?ff p  0e0eA1 ?F UH p 0޽h ? a(___PPT10i._+D=' H= @B +  0 N0 pF(  x  c $U  U   c $U@dj U "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' H= @B +  0 N0 F(  x  c $ \  \   c $hU@Y \ "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' H= @B +  0 N0  |U(  |~ | s * '\w  \  | 6)\m q  @  | 0t0\  ?%"# d | <1?ff  |  0e0eA1 ?Yl \H | 0޽h ? a(___PPT10i._+D=' H= @B +  0 N0  `(  `~ ` s *$A\z  \  ` 0B\2 ?%"#  ` 0R\  ?%"# d ` <1?ffp 0  `3 #" fb0n ` H^\1?0  T   @`TB ` c $1?0TB  ` c $1? 0 TB  ` c $1? TB  ` c $1?00   `  0e0eA1 ?t3 \H ` 0޽h ? a(___PPT10i._+D=' \= @B +   0 N0  d(  d~ d s * j\M  \  d  0e0eA1 ? r# \H d 0޽h ? a(___PPT10i._+D=' \= @B +  0 N0 F(  x  c $v\i  \   c $3D]i \ "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' \= @B +  0 N0 0$(  r  S \,]  \ r  S Ѝ\@ \ H  0޽h ? a(___PPT10i.hl^+D=' \= @B +  0 N0 P$(  r  S \  \ r  S \] \ H  0޽h ? a(___PPT10i.i0~+D=' \= @B +  0 N0 pF(  x  c $8\  \   c $TH \ "8(8XH  0޽h ? a(___PPT10i.C@S˩+D=' \= @B +   0 N0 <L(  <x < c $ a  a  < c $D< a (8(8XH < 0޽h ? a(___PPT10i.C@S˩+D=' \= @B +   0 N0 :(  r  S ap  a   S 8&aM a "8(8XH  0޽h ? a(___PPT10i.m`E+D=' \= @B +  0 N0 $(  r  S 6a  a r  S 7a a H  0޽h ? a(___PPT10i.mPdF+D=' \= @B + 0 N0 ^(  x  c $Ka a @  0TaV Yy  1. Data refer to 2003 Memorandum items Spending on TAA, 2003: USD 0.7 bill. Spending on UI benefits in the US, 2003: USD 41 bill. Spending on UI measures as % of U.S., GDP, 2003-04: 0.37 Spending on ALMPs measures as % of U.S., GDP, 2003-04: 0.16 :0 2                              ^  6A1?< H  0޽h ? 33___PPT10i.q׫+D=' \= @B +  0 N0 N(  x  c $Ma  a   c $oa< a * %MnH  0޽h ? a(___PPT10i.C@S˩+D=' \= @B +  0 N0 0(    68~a  V Bottom line: 0    0a   8 Europe needs to cut high and persistent unemployment in the major member states There are effective remedies, but how to mobilise the political will to implement them? Don t make globalisation a scapegoat The US should invest more in an expanded and more effective TAA in order to maintain the political economy case for trade liberalisation.PQ   P\ H  0޽h ? a(y___PPT10Y+D=' \= @B +5 0 04 (   4X 4 C Em   H 4 S lH :v  H " H 4 06gq ? a(" 0 2(  X  C Em   U  S U :vT  U<4___PPT9 Trade also generates jobs via exports - Employment performance not worse in the most open countries - Productivity differentials offset wage differentials in many cases  Offshoring is not so threatening Projections of job losses due to  offshoring are small compared to trade in manufactured goods and  gross flows in labour markets Many OECD countries  inshore more services jobs than they  offshore Trade has been a major driver of rising productivity and living standards - Ricardo s principle of comparative advantage and specialisation - Other  gains from trade (e.g. trade as a spur to competition and innovation)PZP-ZPZ& #I N   :   z H  06gq ? a(80___PPT10.Zg] 0  (  X  C Em   \  S p\ :v  \ Gains from trade imply labour reallocation Jobs are created (destroyed) in industries with (without) comparative advantage I.e. trade is one of the drivers of structural change Labour reallocation implies displaced workers Some labour reallocation is achieved via voluntary attrition Yet, job losses are part of the process Assessing the policy challenge How many workers lose their jobs due to international trade? How do they fare? How can policies reduce their adjustment costs?|+---*-g H  06gq ? a(80___PPT10.Zc 0 @8(  d  c $Em   a  s *a :v  a " H  06gq ? a( 0 LD(  X  C Em   \D  S =\ :v  \ tNote: The displacement rates shown on this slide for the United States are larger than those shown in Table 1.1 of chapter 1. The Table 1.1 values are exactly as calculated by Lori Kletzer and are substantial underestimates of the true values, as is explained in footnote 20 of the chapter s text. For the purpose of this presentation, I thought it preferable to scale-up Kletzer s estimates to correspond to the best overall estimates of U.S. displacement rates (as presented in text boxes 1.2 and 1.3 of the chapter). This avoids the risk of leaving the audience with the incorrect impression that displacement rates in the United States are relatively low compared to those in Canada and the EU.N     = H  06gq ? a(80___PPT10.Zp贏C  0   `S (  X  C Em   \   S \ :^v  \^V___PPT980 W Supportive product and capital markets Vigorous product market competition (including trade) - relaxation of regulatory constraints on business start-ups and service-sector competition - well-developed capital markets Adaptable labour markets EPL (not too strict, but positive role for advance notice) Flexible wage setting Opt-out clauses for struggling firms/regions? Age/seniority premiums reassessed? 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