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버냉키, '자유무역: 글로벌경제 경쟁과 번영' 강연(원문)

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※ 번역할 언어 선택

Remarks by Chairman Ben S. Bernanke
At the Montana Economic Development Summit 2007, Butte, Montana
May 1, 2007

Embracing the Challenge of Free Trade: Competing and Prospering in a Global Economy

Trade is as old as humanity, or nearly so. Archaeological sites demonstrate that ancient peoples traded objects such as rare stones and shells across fairly long distances even in prehistoric times (Guisepi, 2000). Over the centuries, with stops and starts, the volume of trade has expanded exponentially, driven in large part by advances in transportation and communication technologies. Steamships replaced sailing ships; railroads succeeded canal barges; the telegraph supplanted the Pony Express. Today, in a world of container ships, jumbo jets, and the Internet, goods and many services are delivered faster and more cheaply (in inflation-adjusted terms) than ever before.1

Today I will discuss the crucial economic benefits we receive from the ongoing expansion of international trade. I will also address the adverse effects of trade and some possible ways to mitigate them. I will argue that one possible response to the dislocations that may result from trade--a retreat into protectionism and isolationism--would be self-defeating and, in the long run, probably not even feasible. Instead, our continued prosperity depends on our embracing the many opportunities provided by trade, even as we provide a helping hand to individuals and communities that may have suffered adverse consequences.

The Benefits of Trade
At the most basic level, trade is beneficial because it allows people to specialize in the goods and services they produce best and most efficiently. For example, we could conceivably all grow our own food and provide our own medical care. But because farming and medicine require special knowledge and skills, a far more efficient arrangement is for the farmer to specialize in growing food and for the doctor to specialize in treating patients. Through the specialization made possible by trade, the farmer can benefit from the doctor's medical knowledge and the doctor can enjoy lunch. The opportunity to trade allows everyone to play to his or her own strengths while benefiting from the productive skills of the whole community. Indeed, economists have demonstrated that trade between two people can be beneficial even if one of them is more skilled than the other at every task, so long as the more-skilled person specializes in those tasks at which he or she is relatively more productive.

What applies to individuals applies to nations as well. Two centuries ago the economist David Ricardo famously observed that, if England specialized in making cloth while Portugal specialized in producing wine, international trade would allow both countries to enjoy more of both goods than would be possible if each country produced only for domestic consumption and did not trade. As in the case of individuals, this conclusion applies even if one country can produce both cloth and wine more cheaply than the other, so long as each country specializes in the activity at which it is relatively more productive. A telling confirmation of Ricardo's insight is that, when nations go to war, their first order of business is often to try to block the other's access to trade. In the American Civil War, the North won in large part because its blockade of Southern ports prevented the Confederacy from exporting its cotton. In the twentieth century, the fact that Great Britain and its allies were able to disrupt German trade more successfully than Germany could impede the flow of goods into and out of Great Britain bore importantly on the ultimate outcomes of both world wars.

Patterns of trade are determined by variations in a number of factors, including climate, the location of natural resources, and the skills and knowledge of the population. I suppose that one could grow roses commercially here in Montana for Valentine's Day, but it would likely require climate-controlled greenhouses complete with artificial lighting--very expensive. A much less costly solution is for Montanans to grow and sell wheat, then use the proceeds to buy roses from localities where the weather is balmy in February.

This is all standard textbook material, and it may well leave you unconvinced of the importance of international trade. After all, the United States is a big country, and we can certainly achieve many of the benefits of specialization by trading within our own borders. How important is it for the health of our economy to trade actively with other countries? As best we can measure, it is critically important. According to one recent study that used four approaches to measuring the gains from trade, the increase in trade since World War II has boosted U.S. annual incomes on the order of $10,000 per household (Bradford, Grieco, and Hufbauer, 2006).2 The same study found that removing all remaining barriers to trade would raise U.S. incomes anywhere from $4,000 to $12,000 per household. Other research has found similar results. Our willingness to trade freely with the world is indeed an essential source of our prosperity--and I think it is safe to say that the importance of trade for us will continue to grow.

In practice, the benefits of trade flow from a number of sources. By giving domestic firms access to new markets, trade promotes efficient specialization, permits economies of scale, and increases the potential returns to innovation.3 U.S. firms increasingly seek to expand production and profits through new export opportunities; indeed, U.S. exports grew about 9 percent in real (that is, inflation-adjusted) terms last year. Export-oriented U.S. manufacturing industries include producers of aircraft, construction equipment, plastics, and chemicals. The United States also excels in the manufacture and export of sophisticated capital goods and scientific equipment. Outside of manufacturing, a number of U.S. high-tech companies, including software developers and online service providers, are world leaders in their fields. American films and music attract large worldwide audiences. Montana's exports include wheat, metal ores, and high-tech materials that are critical to the production of semiconductors.

Firms that emphasize exports are among America's most dynamic and productive companies. Relative to firms that produce strictly for the domestic market, exporters tend to be more technologically sophisticated and to create better jobs. Among U.S. manufacturers, for example, exporters pay higher wages and add jobs more rapidly than non-exporters (Bernard and Jensen, 1999). A significant portion of U.S. international trade is conducted by multinational firms; studies show that these firms generally pay higher wages than purely domestic firms, both in the United States and in developing countries (Doms and Jensen, 1998; Bhagwati, 2004, p. 172). U.S. firms with a global reach tend to be better diversified and are better able to respond to new market opportunities wherever they may arise.

Exports are important, but so are imports. Without trade, some goods would be extremely expensive or not available at all, such as the Valentine's Day roses of my earlier example or out-of-season fruits and vegetables. Trade also makes goods available in more brands and varieties; examples include automobiles, consumer electronics, garments and footwear, wines, and cheeses. One of the great attractions of globalization is that it brings to consumers the best of many cultures. And of course, global trade allows many types of goods, especially consumer goods, to be purchased at lower prices. Lower prices help all consumers but may be especially helpful to those with tight budgets. Indeed, a number of the large, import-intensive retail chains in the United States are focused on low- and moderate-income consumers, who benefit from being able to buy a wide variety of lower-priced goods.

Another substantial benefit of trade is the effect it tends to have on the productivity of domestic firms and on the quality of their output.4 By creating a global market, trade enhances competition, which weeds out the most inefficient firms and induces others to improve their products and to produce more efficiently. The U.S. manufacturing sector, which is perhaps the sector most exposed to international competition, has achieved truly remarkable increases in its productivity in the past decade or so. In addition, international supply chains, made possible by advances in communication and transportation, reduce costs and increase the competitiveness of U.S. firms. Trade also promotes the transfer of technologies, as when multinational firms or transplanted firms bring advanced production methods to new markets.

Trade and finance are closely linked and mutually supporting, and in recent decades international financial flows have grown even more quickly than trade volumes. The globalization of finance plays to the strengths of U.S. financial institutions and financial markets. The United States has a large surplus in trade in financial services, and U.S. firms are leaders in providing banking, investment, and insurance services to the world. Financial openness allows U.S. investors to find new opportunities abroad and makes it possible for foreigners to invest in the United States. The ability to invest globally also permits greater diversification and sharing of risk.

Trade benefits advanced countries like the United States, but open trade is, if anything, even more important for developing nations. Trade and globalization are lifting hundreds of millions of people out of poverty, especially in Asia, but also in parts of Africa and Latin America (Bhagwati, 2004). As a source of economic growth and development in poor countries, trade is proving far more effective than traditional development aid (Easterly, 2006). The transition economies of central and eastern Europe have also benefited greatly from trade, especially trade with the rest of the European Union. A recent study by the World Bank compared two groups of developing countries, dubbed the "globalizers" and the "nonglobalizers." Collectively, the globalizers have doubled the ratio of trade to their gross domestic product (GDP) over the past twenty years, in part because of sharp cuts in tariffs on imports; the nonglobalizers, collectively, have seen a decline in their trade-to-GDP ratio over the same period (Dollar and Kraay, 2004). Among the globalizers, economic growth accelerated from 2.9 percent per year in the 1970s, to 3.5 percent in the 1980s, to 5 percent in the 1990s. In contrast, the nonglobalizers have seen their growth decline from 3.3 percent per year in the 1970s to 0.8 percent in the 1980s and 1.4 percent in the 1990s. The study also found that, among the globalizers, absolute poverty declined significantly and the degree of income inequality changed little.5

If trade is so beneficial, why do we sometimes see political resistance to freer, more open trade? Notably, negotiations in the so-called Doha Round of trade talks now under way have proceeded very slowly, notwithstanding a consensus among economists that all countries involved would enjoy substantial benefits from further trade liberalization. One important reason is that, although trade increases overall prosperity, the benefits for some people may not exceed the costs, at least not in the short run. Clearly, the expansion of trade helps exporting firms and their workers. As consumers, nearly all of us benefit from trade by gaining access to a broader range of goods and services. But some of us, such as workers in industries facing new competition from imports, are made at least temporarily worse off when trade expands. Because the benefits of trade are widely diffused and often indirect, those who lose from trade are often easier to identify than those who gain, a visibility that may influence public perceptions and the political process. That said, the job losses and worker displacement sometimes associated with expanded trade are a legitimate economic and social issue. In the remainder of my remarks, I will focus on the impact of trade on U.S. jobs--both positive and negative--and discuss some possible policy responses.

Trade and Jobs
Does opening U.S. markets to foreign producers destroy jobs at home? The expansion of trade or changes in trading patterns can indeed destroy specific jobs. For example, foreign competition has been an important factor behind declining employment in the U.S. textile industry, including in my home state of South Carolina. Job loss--from any cause--can create hardship for individuals, their families, and their communities. I will return shortly to the question of how we should respond to the problem of worker displacement.

For now, however, I will point out that trade also creates jobs--for example, by expanding the potential market overseas for goods and services produced in the United States, as I have already discussed. Trade creates jobs indirectly as well, in support of export activities or as the result of increased economic activity associated with trade. For example, gains in disposable income created by lower consumer prices and higher earnings in export industries raise the demand for domestically produced goods and services. Domestic production and employment are also supported by expanded access to raw materials and intermediate goods. The U.S. jobs created by trade also tend to offer higher pay and demand greater skill than the jobs that are destroyed--although a downside is that, in the short run, the greater return to skills created by trade may tend to increase the wage differential between higher-skilled and lower-skilled workers and thus contribute to income inequality (Bernanke, 2007).

The effects of trade on employment must also be put in the context of the remarkable dynamism of the U.S. labor market. The amount of "churn" in the labor market--the number of jobs created and destroyed--is enormous and reflects the continuous entry, exit, and resizing of firms in our ever-changing economy. Excluding job layoffs and losses reversed within the year, over the past decade an average of nearly 16 million private-sector jobs have been eliminated each year in the United States, an annual loss equal to nearly 15 percent of the current level of nonfarm private employment.6 The vast majority of these job losses occur for a principal reason other than international trade (Kletzer, 2001; Bernanke, 2004). Moreover, during the past ten years, the 16 million annual job losses have been more than offset by the creation of about 17 million jobs per year--some of which, of course, are attributable to the direct and indirect effects of trade. Truly, the U.S. labor market exhibits a phenomenal capacity for creative destruction.

If trade both destroys and creates jobs, what is its overall effect on employment? The answer is, essentially none. In the long run, the workings of a competitive labor market ensure that the number of jobs created will be commensurate with the size of the labor force and with the mix of skills that workers bring. Thus, in the long run, factors such as population growth, labor force participation rates, education and training, and labor market institutions determine the level and composition of aggregate employment. To see the irrelevance of trade to total employment, we need only observe that, between 1965 and 2006, the share of imports in the U.S. economy nearly quadrupled, from 4.4 percent of GDP to 16.8 percent. Yet, reflecting growth in the labor force, employment more than doubled during that time, and the unemployment rate was at about 4-1/2 percent at both the beginning and end of the period. Furthermore, average real compensation per hour in the United States has nearly doubled since 1965.

Although many readily accept that balanced trade does not reduce aggregate employment, some might argue that the United States' current large trade deficit must mean that the number of U.S. jobs has been reduced on net. However, the existence of a trade deficit or surplus, by itself, does not have any evident effect on the level of employment. For example, across countries, trade deficits and unemployment rates show little correlation. Among our six Group of Seven partners (the world's leading industrial countries), three have trade surpluses (Canada, Germany, and Japan). However, based on the figures for February of this year, the unemployment rates in Canada (5.3 percent) and in Germany (9.0 percent) are significantly higher than the 4.5 percent rate in the United States; and Japan's unemployment rate, at 4.0 percent, is only a bit lower.7 Factors such as the degree of flexibility in the labor market, not trade, are the primary source of these cross-country variations in unemployment.

What About Outsourcing Abroad?
The debate about the effects of trade on employment has been intensified by the phenomenon of outsourcing abroad, or "offshoring." Offshoring has been driven by several factors, including improvements in international communication, the computerization and digitization of some business services, and the existence of educated, often English-speaking workers abroad who will perform the same services for less pay. A portion, though not all, of these wage differentials reflects differences in skills and productivity; for example, outsourced programming work is usually simpler and more routine than programming done in the United States.

The increase in outsourcing abroad has led to dire predictions about a wholesale "export" of U.S. jobs in coming years. Although globalization and trade will continue to be forces for economic change, concerns about a massive loss of jobs due to offshoring do not seem justified. Companies have found outsourcing abroad profitable primarily for jobs that can be routinized and sharply defined. Certainly, advancing technology will continue to increase the feasibility of providing services from remote locations. For the foreseeable future, however, most high-value work will require creative interaction among employees, interaction which is facilitated by physical proximity and personal contact. Moreover, in many fields, closeness to customers and knowledge of local conditions are also of great importance. These observations suggest that, for some considerable time, outsourcing abroad will be uneconomical for many types of jobs, particularly high-value jobs.8

Moreover, a balanced discussion of outsourcing abroad should reflect that, just as U.S. firms use the services of foreigners, foreign firms make considerable use of the services of U.S. residents. Many do not realize that, in contrast to its trade deficit in goods, the United States runs a significant trade surplus in services--particularly in business, professional, and technical services. This country provides many high-value services to users abroad, including financial, legal, engineering, architectural, and software development services, whereas many of the services imported by U.S. companies are less sophisticated and hence of lower value.9 A recent study of twenty-one occupations that are most likely to be affected by outsourcing found that net job losses were concentrated almost exclusively in the lower-wage occupations and that strong employment gains have occurred in the occupations that pay the highest wages.10 Further expansion of trade in services will help, not hurt, the U.S. economy and the labor market.

Just as discussions of the outsourcing of business services tend to ignore the services U.S. firms sell to other countries, so do discussions of the movement of jobs offshore ignore the fact that foreign firms also move jobs to the United States. Between 1996 and 2004 (the most recent data available), the employment of U.S. residents by majority-owned nonbank affiliates of foreign companies operating within the United States increased by about 1 million jobs. In 2004, U.S. affiliates of foreign companies accounted for more than $500 billion in value added (about half in manufacturing) and about $180 billion in exports. Globalization and offshoring work both ways.

Responding to Job Displacement
Although trade has many positive effects in the labor market, nothing I have said this morning is intended to minimize the real costs imposed on workers and communities when new competition from abroad leads to job losses and displacement. What can be done to help workers who lose their jobs as a consequence of expanded trade?

Restricting trade by imposing tariffs, quotas, or other barriers is exactly the wrong thing to do. Such solutions might temporarily slow job loss in affected industries, but the benefits would be outweighed, typically many times over, by the costs, which would include higher prices for consumers and increased costs (and thus reduced competitiveness) for U.S. firms. Indeed, studies of the effects of protectionist policies almost invariably find that the costs to the rest of society far exceed the benefits to the protected industry. In the long run, economic isolationism and retreat from international competition would inexorably lead to lower productivity for U.S. firms and lower living standards for U.S. consumers (Bernanke, 2004).

The better approach to mitigating the disruptive effects of trade is to adopt policies and programs aimed at easing the transition of displaced workers into new jobs and increasing the adaptability and skills of the labor force more generally. Many suggestions for such policies have been made. Currently, the government's principal program for helping workers displaced by trade is the Trade Adjustment Assistance program, which is up for renewal before the Congress this year. As now structured, the program offers up to two and a half years of job training, allowances for job search and relocation, income support for eligible workers, and health insurance assistance for some. Elements of other proposals being discussed (Kletzer and Rosen, 2006; Kling, 2006; Mann 2003, 2004) include job-training tax credits and wage insurance, which would help offset pay cuts that often occur when displaced workers change jobs. Another approach is to focus on establishing policies that reduce the cost to workers of changing jobs, for example, by increasing the portability of pensions or health insurance between employers. As new technologies expand the range of occupations that may be subject to international competition, measures to assist affected workers become all the more important. It would not be appropriate for me to endorse specific programs; that is the prerogative of the Congress. However, I can safely predict that these and other policy proposals to address concerns about worker displacement will be the subject of active debate in coming years.

More generally, investing in education and training would help young people entering the labor force as well as those already in mid-career to better manage the ever-changing demands of the workforce (Bernanke, 2007). A substantial body of research demonstrates that investments in education and training pay high rates of return to individuals and to society as a whole (Acemogulu and Angrist, 2001; Becker, 1964; Card, 1999; Topel, 2004). Importantly, workforce skills can be improved not only through K‑12 education, college, and graduate work but also through a variety of expeditious, market-based channels such as on-the-job training, coursework at community colleges and vocational schools, extension courses, and online training. An eclectic, market-responsive approach to increasing workforce skills is the most likely to be successful.

Whatever the specific approaches chosen, helping workers who have lost jobs--whether because of trade or other causes--to find new productive work is good for the economy as well as for the affected workers and their families. Moreover, if workers and their families are less fearful of change, political pressure in favor of trade barriers or other measures that would reduce the flexibility and dynamism of the U.S. economy would be reduced (Kull, 2004).

Conclusion
To sum up, international trade in goods, services, and assets, like other forms of market-based exchange, allows us to transform what we have into what we need or want under increasingly beneficial terms. Trade allows us to enjoy both a more productive economy and higher living standards.

Of course, current trading arrangements are far from perfect. Some features of the world trading regime, such as excessive restrictions on trade in services and the uneven protection of intellectual property rights, are both unfair and economically counterproductive. Working through the World Trade Organization or in other venues, we should continue to advocate the elimination of trade distortions and barriers in our trading partners even as we increase the openness of our own economy. We should also work to ensure that both we and our trading partners live up to existing agreements under the World Trade Organization. When trading partners do not meet their obligations, we should vigorously press our case. Ultimately, a freer and more open trading system is in everyone's best interest.

Although expansion of trade makes the U.S. economy stronger, as I have noted today, the broad benefits of trade and the associated economic change may come at a cost to some individuals, firms, and communities. We need to continue to find ways to minimize the pain of dislocation without standing in the way of economic growth and change. Indeed, the willingness to embrace difficult challenges is a defining characteristic of the American people. With our strong institutions, deep capital markets, flexible labor markets, technological leadership, and penchant for entrepreneurship and innovation, no country is better placed than the United States to benefit from increased participation in the global economy. If we resist protectionism and isolationism while working to increase the skills and adaptability of our labor force, the forces of globalization and trade will continue to make our economy stronger and our citizens more prosperous.

References

Acemoglu, Daron, and Joshua Angrist (2001). "How Large Are Human Capital Externalities? Evidence from Compulsory Schooling Laws," in Ben S. Bernanke and Kenneth Rogoff, eds., NBER Macroeconomics Annual. Cambridge, Mass.: MIT Press, pp. 9-59.

Becker, Gary S. (1964). Human Capital: A Theoretical and Empirical Analysis with Special Reference to Education. New York: National Bureau of Economic Research.

Bernanke, Ben S. (2004). "Trade and Jobs," speech delivered at the Distinguished Speaker Series, Fuqua School of Business, Duke University, March 30, http://www.federalreserve.gov/boarddocs/speeches/2004/20040330/default.htm

______ (2006). "Global Economic Integration: What's New and What's Not?" speech delivered at the thirtieth annual economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo., August 25, http://www.federalreserve.gov/boarddocs/speeches/2006/20060825/default.htm

______ (2007). "The Level and Distribution of Economic Well-Being," speech delivered at the Greater Omaha Chamber of Commerce, February 6, http://www.federalreserve.gov/boarddocs/speeches/2007/20070206/default.htm

Bernard, Andrew B., and J. Bradford Jensen (1999). "Exceptional Exporter Performance: Cause, Effect, or Both?" Journal of International Economics, vol. 47 (February), pp. 1-25.

Bernard, Andrew B., J. Bradford Jensen, and Peter K. Schott (2006). "Trade Costs, Firms, and Productivity," Journal of Monetary Economics, vol. 53 (July), pp. 917-37.

Bhagwati, Jagdish (2004). In Defense of Globalization. New York: Oxford University Press.

Bradford, Scott C., Paul L. E. Grieco, and Gary Clyde Hufbauer (2006). "The Payoff to America from Globalisation," The World Economy, vol. 29 (July), pp. 893-916.

Card, David (1999). "The Causal Effect of Education on Earnings," in Orley Ashenfelter and David Card, eds., Handbook of Labor Economics, vol. 3A. New York: Elsevier, pp. 1801-63.

Cox, Michael, and Richard Alm (2007). "The Best of All Worlds: Globalizing the Knowledge Economy," in Federal Reserve Bank of Dallas, 2006 Annual Report, pp. 3-28.

Davis, Steven, John Haltiwanger, and Scott Schuh (1996). Job Creation and Destruction. Cambridge, Mass.: MIT Press.

Dollar, David, and Aart Kraay (2004). "Trade, Growth, and Poverty," The Economic Journal, vol. 114 (February), pp. F22-F49.

Doms, Mark E., and J. Bradford Jensen (1998). "Comparing Wages, Skills, and Productivity between Domestically and Foreign-Owned Manufacturing Establishments in the United States," in Robert E. Baldwin, Robert E. Lipsey, and J. David Richardson, eds., Geography and Ownership as Bases for Economic Accounting. Chicago: University of Chicago Press.

Easterly, William (2006). The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done So Much Ill and So Little Good. New York: Penguin Press.

Guisepi, Robert A. (2000). "The Stone Age: The General Picture," International World History Project, http://history-world.org/stone_age2.htm (accessed April 13, 2007)

Hummels, David (2006). "Transportation Costs and Trade over Time," in David Hummels, Anthony Venables, Harry Broadman, and John S. Wilson, rapporteurs, Transport and International Trade: Round Table 130. Organisation for Economic Co-operation and Development and European Conference of Ministers of Transport. Paris: OECD.

Institute of International Education (2006). "New Enrollment of Foreign Students in the U.S. Climbs in 2005/06," press release, November 13, http://opendoors.iienetwork.org/?p=89251.

Kletzer, Lori G. (2001). Job Loss from Imports: Measuring the Costs. Washington: Institute for International Economics.

Kletzer, Lori G., and Howard Rosen (2006). "Reforming Unemployment Insurance for the Twenty-First Century Workforce," Hamilton Project Discussion Paper. Washington: Brookings Institution, September.

Kling, Jeffrey R. (2006). "Fundamental Restructuring of Unemployment Insurance: Wage-Loss Insurance and Temporary Earnings Replacement Accounts," Hamilton Project Discussion Paper. Washington: Brookings Institution, September.

Kull, Steven (2004). Americans on Globalization, Trade, and Farm Subsidies , The American Public on International Issues, PIPA/Knowledge Networks Poll, Program on International Policy Attitudes and Knowledge Networks, January 22, www.pipa.org/OnlineReports/Globalization/GlobalTradeFarm_Jan04/GlobalTradeFarm_Jan04_rpt.pdf (900 KB PDF).

Mann, Catherine L. (2003). "Globalization of IT Services and White Collar Jobs: The Next Wave of Productivity Growth," International Economics Policy Briefs PB03-11. Washington: Institute for International Economics, December, www.iie.com/publications/pb/pb03-11.pdf (389 KB PDF).

______ (2004). "Global Sourcing and High-Tech Jobs: Productivity Gains and Policy Challenges," presentation on "White Collar Outsourcing" at the Institute for International Economics, March 11, www.iie.com/publications/papers/mann0304.pdf (138 KB PDF).

______ (2006). Accelerating the Globalization of America: The Role for Information Technology, with Jacob Funk Kirkegaard. Washington: Institute for International Economics.

Topel, Robert (2004). "The Private and Social Values of Education," in Education and Economic Development, proceedings of a conference held at the Federal Reserve Bank of Cleveland, November 18-19, pp. 47-57, www.clevelandfed.org/research/conferences/2004/November/cbook.pdf (891 KB PDF).

Footnotes

1. Hummels (2006). Bernanke (2006) provides a brief history of globalization.

2. The estimates ranged from $7,000 to $13,000.

3. Cox and Alm (2007) discuss the benefits of trade in the modern global economy.

4. Bernard and Jensen (1999) find that exporting firms are more productive than non-exporters. Bernard, Jensen, and Schott (2006) document the tendency of trade to reduce production at low-productivity plants and to increase output at high-productivity plants in the United States, a shift that raises average productivity.

5. Refer also to Bhagwati (2004).

6. According to the Bureau of Labor Statistics (BLS), over the past ten years, gross job losses in the United States have averaged about 7.8 million per quarter. Multiplying 7.8 million by 4 suggests that about 31 million U.S. jobs come to an end each year. This figure includes temporary layoffs, seasonal closings, and other short-term job losses; some research suggests that longer-term job losses amount to about half of the total (Davis, Haltiwanger, and Schuh, 1996). Dividing 31 million gross job losses by 2 yields about 16 million long-term job losses each year.

7. February 2007 is the latest month for which these rate comparisons are available. The data are from the Bureau of Labor Statistics, which has adjusted them to approximate the U.S. definition of unemployment.

8. The economic importance of physical proximity is the underlying reason that people and businesses are willing to pay high rents and other costs to live in or near major cities, where they can be near large numbers of other people and businesses that have related expertise and interests.

9. Another type of service in which the United States has a strong export position is higher education. In 2005-06, U.S. institutions of higher learning trained nearly 600,000 foreign students, of whom about half were studying for graduate and professional degrees. Many foreign students who study in the United States spend at least some time here subsequently, adding their skills to those of the domestic workforce (Institute of International Education, 2006).

10. Mann (2006, pp. 140-41) analyzes changes from 1999 to 2004. Updating the analysis with 2005 data from the Bureau of Labor Statistics does not change these results. Some of the low-wage occupations, such as data entry and word processing, may have lost jobs to automation rather than outsourcing.

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네팔 홍수 한국인 9명 연락두절 [뉴욕=뉴스핌] 김민정 특파원 = 네팔과 중국 티베트 국경 히말라야 지역에서 26일(현지시간) 대규모 산사태가 강으로 무너져 내리며 홍수가 발생해 최소 95명이 숨지고 수백 명이 실종됐다. 한국인 9명도 연락두절 상태다. 로이터통신은 네팔 경찰을 인용해 현재까지 수습된 시신은 95구라고 보도했다. 네팔 관광부는 이 지역에서 외국인 여행자 341명이 실종됐다고 발표했다. 인도인이 100명 이상이고 미국인 3명, 영국인 12명이 포함됐다. 네팔 관광청은 별도로 집계한 잠정 자료에서 실종자를 384명으로 밝혔으며, 이 가운데 네팔인이 93명이라고 전했다. 미국과 인도, 영국, 네덜란드, 호주 국적자가 포함된 것으로 파악됐다. 주네팔한국대사관은 연락이 끊긴 한국인이 9명이라고 밝혔다. 사고는 현지시간 26일 오전 8시 30분께 발생했다. 네팔 국가재난위험감축관리청(NDRRMA)은 위성사진 초기 분석 결과 네팔·중국 라수와가디 국경검문소에서 북동쪽으로 약 20㎞ 떨어진 렌데강에서 눈과 암석 산사태로 토사를 동반한 홍수가 발생한 것으로 나타났다고 밝혔다. 중국 쪽 국경에서 촬영된 보안 카메라 영상에는 사람들이 달아나는 가운데 암석과 진흙, 물이 뒤섞인 급류가 건물과 차량을 덮치는 장면이 담겼다. 독일지질과학연구소(GFZ)는 영상에 찍힌 시각보다 약 7분 앞서 규모 4.4 지진이 있었다고 밝혔다. 시시르 카날 네팔 외교장관은 의회에서 이 지역 지진이 눈사태를 유발해 홍수로 이어졌을 가능성이 초기 보고에서 제기됐다고 말했다. 네팔 누와코트군 트리슐리에서 26일(현지시간) 발생한 홍수로 건물이 진흙에 덮여 있다.[사진=로이터 뉴스핌] 2026.08.27 mj72284@newspim.com 추가 피해 가능성도 제기된다. 국제통합산악개발센터의 창첸궁 기후환경위험 책임자는 렌데강으로 얼음과 암석이 쏟아진 원인이 아직 확인되지 않았다며 "네팔·중국 국경 하천 상류에 여전히 막힌 부분이 남아 있어 당국은 두 번째 홍수가 발생할 수 있다고 경고하고 있다"고 말했다. 네팔에서는 가옥과 도로, 발전소가 휩쓸려 갔다. 인구 약 5만 명인 라수와군의 샤프루베시와 티무레 일대는 강물이 정상 수위를 넘어서면서 구조 헬기가 착륙하지 못했다. 텔레비전 화면에는 무너진 집과 떠내려가는 차량, 쓸려 나가는 철교가 잡혔다. 라수와의 보건 인력 툴라 바하두르 BK는 로이터통신에 "어디를 봐도 참상"이라며 "강가 마을들이 완전히 쓸려 갔고 내 친척 다섯 명도 실종 상태"라고 전했다. 나렌드라 파리야르 지역 행정관은 "인명과 재산 피해가 클 수 있다"며 렌데강이 흘러드는 보테코시강 유역 주민들에게 고지대로 대피하라고 당부했다. 발렌드라 샤 네팔 총리는 페이스북에서 군 헬기로 250명 이상을 구조했으며 경찰과 군이 수색을 이어가고 있다고 밝혔다. 그는 "정부가 여러분의 구조와 치료, 식량, 거처를 전적으로 책임진다"며 "이런 재난에는 모두가 함께 서야 한다"고 말했다. 중국 측 피해도 크다. 신화통신은 산사태가 지룽 국경 통제소를 덮쳐 시가체 지역의 도로와 통신, 전력이 끊겼다고 전했다. 티베트 당국은 지룽현에서 실종자가 나왔다며 "대규모 인명 피해"를 우려했다. 중국중앙TV(CCTV)에 따르면 당국은 인력 601명과 차량 113대, 수색견과 구조 장비를 투입했다. 구조대원은 CCTV 인터뷰에서 국경 통제소와 연락을 시도하고 있으나 "아직 아무런 결과가 없다"고 말했다. 드론으로 예비 점검한 결과 국경검문소로 이어지는 모든 도로가 "완전히 파괴됐다"고 덧붙였다. 그는 "진흙이 매우 두껍고 비가 계속 내려 수위가 언제든 오를 수 있어 날씨가 큰 걱정"이라고 했다. 시진핑 중국 국가주석은 실종자 수색에 총력을 기울이고 위험 지역 주민을 이주시키라고 지시했다. 2차 재해를 막기 위한 감시와 조기경보 강화도 주문했다. 중국 자연자원부는 지질재해 2급 비상대응을 발령했다. 4단계 체계에서 두 번째로 높은 단계다. 재정부와 자연자원부는 중앙 자연재해 구호기금 1억2000만 위안(약 1790만 달러)을, 국가발전개혁위원회는 복구와 재건을 위해 중앙 예산 1억 위안을 배정했다. 홍수는 국경 아래로도 번지고 있다. 해발 약 2000m에서 흘러내린 흙탕물이 네팔과 접한 인도 우타르프라데시주와 비하르주로 향하면서 홍수 경보가 내려졌다. 비하르주 당국은 6개 지구에서 약 5000명을 대피시켰으며 총 1만~1만2000명을 옮길 계획이라고 밝혔다. 나렌드라 모디 인도 총리는 샤 네팔 총리와 통화하고 애도를 전했다. 모디 총리는 엑스(X)에 "인도는 네팔에 가능한 모든 인도적 지원을 제공할 준비가 돼 있다"며 "우리 팀이 구조와 구호 활동을 긴밀히 조율하고 있다"고 밝혔다. 인도통신(PTI)에 따르면 이 지역에 있던 인도인 상당수는 티베트의 카일라스산과 마나사로바르호를 찾는 순례에 나선 이들이었다. 힌두교와 불교에서 성지로 여기는 곳이다. 보테코시강은 티베트에서 발원해 네팔 트리슐리강으로 흘러들고 인도에서는 간다크강이 된다. 지난해에도 이 강에서 홍수가 나 9명이 숨지고 24명이 실종됐으며 네팔과 중국을 잇는 우호의 다리가 유실돼 교역과 교통이 수개월간 마비됐다. 당시 홍수는 티베트의 빙하 위 호수가 터지면서 발생한 것으로 지역 기후 감시기관은 분석했다. mj72284@newspim.com 2026-08-27 01:16
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엔비디아 역대급 실적 주가 급등 이 기사는 인공지능(AI) 번역을 바탕으로 전문 기자들의 검증과 분석을 거쳐 생성된 콘텐츠로 원문은 8월27일 CNBC와 로이터통신 기사입니다. [시드니=뉴스핌] 권지언 특파원 = 엔비디아(NVDA) 주가가 시장 예상치를 웃돈 실적에도 실적 발표 직후에는 잠잠했지만, 젠슨 황 최고경영자(CEO)가 "AI(인공지능)가 변곡점에 도달했다"고 강조하면서 상승세로 돌아섰다. 높아진 시장의 기대를 뛰어넘는 중장기 성장 전망과 대규모 공급망 투자가 확인되면서 AI 투자 열기가 쉽게 식지 않을 것이란 기대가 다시 부각됐다. 26일(현지시간) 엔비디아는 회계연도 2분기 매출이 962억2000만달러(약 133조4000억원)로 전년 동기 대비 106% 증가했다고 밝혔다. 조정 주당순이익(EPS)은 2.22달러로 시장 예상치 2.10달러를 웃돌았다. 매출 역시 LSEG가 집계한 예상치 921억7000만달러를 상회했다. 특히 AI 사업의 핵심인 데이터센터 부문 매출은 전년 동기 대비 117% 증가한 890억달러(약 123조3000억원)를 기록했다. 엔비디아는 회계연도 3분기 매출을 1080억달러(약 149조7000억원) 수준으로 전망해 시장 예상치를 웃돌았다. 그러나 실적 발표 직후 엔비디아 주가는 시간외 거래에서 한때 하락하며 시장의 반응은 예상보다 차분했다. 이미 엔비디아가 높은 기대를 충족하는 실적을 반복적으로 내놓으면서 단순한 '어닝 서프라이즈'만으로는 투자자들의 기대를 자극하기 어려워졌다는 평가가 나왔다. 분위기가 바뀐 것은 황 CEO가 컨퍼런스콜에서 "AI가 변곡점에 도달했다"고 강조하면서부터다. 황 CEO는 AI가 실제 유용한 작업을 수행하고 있으며, AI가 만들어내는 토큰이 생산성과 수익성을 갖추기 시작했다고 강조했다. 해당 발언 후 엔비디아 주가는 4% 넘게 급반등했다. 엔비디아의 젠슨 황 최고경영자. [사진=블룸버그통신] 황 CEO의 발언은 AI가 단기적인 투자 열풍을 넘어 실제 생산성과 수익을 창출하는 성장 단계에 진입하고 있다는 엔비디아의 자신감을 재확인한 것으로 풀이된다. 엔비디아의 실적은 여전히 AI 시장의 대표적인 가늠자로 평가된다. 엔비디아의 그래픽처리장치(GPU)가 전 세계 주요 데이터센터와 첨단 AI 모델을 구동하는 핵심 인프라로 자리 잡고 있기 때문이다. ◆ AI 대표주, 중장기 성장 기대 다시 키워 시장에 가장 강한 인상을 남긴 것은 중장기 성장 전망이었다. 코렛 크레스 엔비디아 최고재무책임자(CFO)는 컨퍼런스콜에서 2028 회계연도 매출이 약 70% 증가할 것으로 전망했다. 이는 시장이 예상한 약 44~45%의 성장률을 크게 웃도는 수준이다. 크레스 CFO는 AI 수요가 주요 클라우드 사업자부터 최첨단 AI 연구소까지 광범위하게 확대되고 있으며, 공급 제약이 지속되는 상황에서도 이 같은 성장이 가능할 것으로 내다봤다. AI 인프라 투자 확대도 엔비디아 성장의 핵심 배경이다. 마이크로소프트(MSFT)와 메타플랫폼스(META) 등 엔비디아의 주요 고객들은 올해 빅테크 기업들의 AI 인프라 지출이 7300억달러(약 1011조8000억원)를 넘어설 것으로 예상하고 있다. 지난해 약 4000억달러(약 554조4000억원)에서 크게 늘어난 규모다. 엔비디아는 최근 수년간 실리콘밸리에서 가장 강력한 성장세를 보여온 기업 가운데 하나다. 약 4년 전 시작된 AI 주도 강세장에서 엔비디아 주가는 약 1700% 폭등하며 시가총액 기준 세계 최대 기업으로 올라섰다. 다만 올해 들어서는 상승세가 상대적으로 주춤하다. 엔비디아 주가는 올해 들어 12% 이상 상승하는 데 그친 반면 필라델피아 반도체지수는 60% 넘게 올랐다. 투자자들의 우려도 커지고 있다. 대형 기술기업들이 AI 데이터센터 구축에 필요한 자금을 서로 투자하거나 보증하는 이른바 순환형 거래(circular deals)가 AI 수요를 실제보다 부풀릴 수 있다는 지적이다. 엔비디아 역시 AI 인프라 자금 조달 과정에서 고객사에 금융 지원과 보증을 제공하면서 이러한 논란의 중심에 서고 있다. 엔비디아는 모든 토지·전력·셸 보증 계약에 따른 최대 총 익스포저가 35억달러(약 4조9000억원)라고 밝혔다. ◆ 공급망 관련 구매 약정 2790억달러로 두 배 이상…메모리 조달에 집중 엔비디아의 공급망 관련 구매 약정은 크게 늘었다. 엔비디아는 이번 분기 공급망 관련 구매 약정이 전 분기 1190억달러(약 165조원)에서 2790억달러(약 387조원)로 두 배 이상 증가했다고 밝혔다. 대부분 메모리 조달과 관련된 것으로 나타났다. 엔비디아는 앞으로 상당한 성장 기회를 활용하기 위해 공급망과 인프라, 파트너 생태계 전반에서 전략적 약정을 계속하고 있다고 설명했다. 이는 AI 데이터센터 확대로 급증하는 수요에 대응하기 위해 엔비디아가 메모리를 비롯한 핵심 부품 확보에 적극적으로 나서고 있음을 보여준다. 동시에 메모리 가격 상승과 공급 부족이 향후 수익성에 부담으로 작용할 가능성도 시장의 관심사다. ◆ AI 낙관론자들에게는 여전히 긍정적 인디애나주 해먼드의 호라이즌 인베스트먼트 서비스의 척 칼슨 최고경영자(CEO)는 "AI 업종에는 긍정적인 소식"이라고 평가했다. 다만 이번 실적이 다른 AI 관련주까지 다시 끌어올릴 수 있을지는 불확실하다고 지적했다. 그는 현재 시장이 순환매 국면에 있는 만큼 이런 흐름이 계속될지, 아니면 엔비디아 실적이 AI 관련주를 다시 끌어올리는 계기가 될지는 판단하기 어렵다고 말했다. 엔비디아 실적 발표 직후 시장의 반응이 미지근했던 것은 투자자들이 이미 여러 차례 엔비디아의 실적 서프라이즈를 경험했기 때문이기도 하다. 엔비디아는 이번 실적 발표를 앞두고 8개 분기 연속으로 애널리스트 예상치를 웃돌았다. 엔비디아 주식과 풋옵션을 모두 보유하고 있는 마인드셋 웰스 매니지먼트의 세스 히클 CIO는 "엔비디아의 진짜 과제는 더 이상 좋은 실적을 내는 것이 아니다"라며 "이미 투자자들이 기대하는 엄청나게 좋은 실적보다 더 좋은 실적을 내는 것"이라고 지적했다. 이어 "이 경우 월가 예상치를 웃도는 것은 거의 시장에 들어가기 위한 입장료와 같다"고 말했다. kwonjiun@newspim.com 2026-08-27 06:53
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