## Industrial Policy Since the Great Financial Crisis

_IMF Working Papers, October 31, 2025_

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## Bibliographic details
- Authors: Simon Evenett, Adam Jakubik, Jaden Kim, Fernando Martín, Samuel Pienknagura, Michele Ruta, Sandra Baquie, Yueling Huang, Rafael Machado Parente
- Published: October 31, 2025
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229027786.001

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### Dataset extension and methodology
- Extends the New Industrial Policy Observatory (NIPO) dataset from 2009 to 2023.
- Employs large language model techniques to identify policy motivations.
- Publication details: Working Paper No. 2025/222, Volume: 2025, Issue: 222, Pages: 35, DOI: https://doi.org/10.5089/9798229027786.001, ISBN: 9798229027786, ISSN: 1018-5941.
- Authors: Simon Evenett, Adam Jakubik, Jaden Kim, Fernando Martín, Samuel Pienknagura, Michele Ruta, Sandra Baquie, Yueling Huang, Rafael Machado Parente.
- Date: October 31, 2025.

### Scope of industrial policy adoption and instruments
- Documents widespread industrial policy adoption across advanced and emerging market economies since the Great Financial Crisis.
- Primary instruments used:
  - Subsidies.
  - Trade restrictions.

### Structural break around 2020 and emergence of “new industrial policies”
- Identifies a structural break around 2020 characterized by:
  - Accelerated policy activity after 2020.
  - Emergence of “new industrial policies” motivated by:
    - Supply chain resilience.
    - National security.
    - Geopolitical concerns.
  - Continued prevalence of policies focused on:
    - Competitiveness.
    - Climate objectives (already prevalent in previous years).

### Targeted sectors, technologies, and inputs
- Policies have targeted:
  - Dual-use sectors.
  - Various advanced technology sectors.
  - Upstream inputs, including critical raw materials and minerals.

### Drivers and shifts in motivations after 2020
- Finds that geopolitical risk and tit-for-tat retaliation have played a greater role in driving industrial policy after 2020.
- Notes that support extends beyond existing sectors of comparative advantage.

### Subject coverage and keywords (as stated)
- Subjects: Comparative advantage, Exports, Imports, International trade, Trade policy.
- Keywords: Asia and Pacific, Comparative advantage, Data, Exports, Global, IMF department, IMF working papers, Imports, Industrial Policy, Policy instrument, policy intervention, Policy motive, Trade Policy.

*Source: Simon Evenett et al., "Industrial Policy Since the Great Financial Crisis", IMF Working Papers 2025, 222 (2025), October 31, 2025.*

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_Source: https://www.imf.org/en/publications/wp/issues/2025/10/31/industrial-policy-since-the-great-financial-crisis-570816_