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The Return of Industrial Policy in Data

Author

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  • Simon Evenett
  • Adam Jakubik
  • Fernando Martín
  • Michele Ruta

Abstract

This paper introduces the New Industrial Policy Observatory (NIPO) dataset and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies, and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies.

Suggested Citation

  • Simon Evenett & Adam Jakubik & Fernando Martín & Michele Ruta, 2024. "The Return of Industrial Policy in Data," IMF Working Papers 2024/001, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2024/001
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    Cited by:

    1. Fanti, Lucrezia & Pereira, Marcelo C. & Virgillito, Maria Enrica, 2024. "The agents of industrial policy and the North-South convergence: State-owned enterprises in an international-trade macroeconomic ABM," GLO Discussion Paper Series 1491, Global Labor Organization (GLO).

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