Free Trade: What Are the Terms-of-Trade Effects?

Changes in trade policy affect a nation's economic welfare through terms-of-trade and volume-of-trade effects. A move to global free trade would imply higher world economic welfare equal to the sum of all nations' volume-of-trade, or efficiency, effects. Since the sum of the terms-of-trade...

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Veröffentlicht in:	Economic Theory. - Springer, 1991. - 41(2009), 1, Seite 147-161
1. Verfasser:	Kowalczyk, Carsten (VerfasserIn)
Weitere Verfasser:	Riezman, Raymond
Format:	Online-Aufsatz
Sprache:	English
Veröffentlicht:	2009
Zugriff auf das übergeordnete Werk:	Economic Theory
Schlagworte:	WTO Multilateralism Free trade Customs unions Free trade areas Transfers F00 F02 F10 F11 mehr... F13 F15 Economics Political science Business Mathematics


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100	1		\|a Kowalczyk, Carsten \|e verfasserin \|4 aut
245	1	0	\|a Free Trade: What Are the Terms-of-Trade Effects?
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520			\|a Changes in trade policy affect a nation's economic welfare through terms-of-trade and volume-of-trade effects. A move to global free trade would imply higher world economic welfare equal to the sum of all nations' volume-of-trade, or efficiency, effects. Since the sum of the terms-of-trade effects across all nations is zero, terms-of-trade effects are contentious. Konishi, Kowalczyk and Sjöström (2003) have shown that if customs unions do not affect trade with non-member countries, immediate global free could be achieved if free trade were proposed together with international sidepayments equal to the terms of trade effects. How large would these terms of trade effects, and hence transfers, be? This paper presents estimates from a simple computable general equilibrium model of a world economy of perfect competition. We show that, in some cases, terms-of-trade effects are small compared to efficiency gains, and transfers are not necessary for free trade. In other cases, termsof-trade gains may account for more than 50% of a country's gains from free trade and transfers could be large.
540			\|a Copyright 2009 Springer-Verlag Berlin Heidelberg
650		4	\|a WTO
650		4	\|a Multilateralism
650		4	\|a Free trade
650		4	\|a Customs unions
650		4	\|a Free trade areas
650		4	\|a Transfers
650		4	\|a F00
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650		4	\|a F10
650		4	\|a F11
650		4	\|a F13
650		4	\|a F15
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade \|x Free trade
650		4	\|a Economics \|x Economic policy \|x Trade policy \|x Trade restrictions \|x Trade blocs \|x Customs unions
650		4	\|a Political science \|x Government \|x Governance \|x Taxation \|x Taxes \|x Tariffs
650		4	\|a Business \|x Business operations \|x Commerce \|x Trade \|x Terms of trade
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade \|x Trade relations \|x Trade zones \|x Free trade zones
650		4	\|a Economics \|x Economic disciplines \|x Labor economics \|x Labor \|x Workforce \|x Organized labor \|x Labor unionization \|x Labor unions
650		4	\|a Business \|x Business economics \|x Commercial production \|x Production factors \|x Production output \|x Domestic product \|x Gross domestic product
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial investments \|x Investment funds \|x Endowments
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade
650		4	\|a Mathematics \|x Applied mathematics \|x Game theory \|x Nash equilibrium
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade \|x Free trade
650		4	\|a Economics \|x Economic policy \|x Trade policy \|x Trade restrictions \|x Trade blocs \|x Customs unions
650		4	\|a Political science \|x Government \|x Governance \|x Taxation \|x Taxes \|x Tariffs
650		4	\|a Business \|x Business operations \|x Commerce \|x Trade \|x Terms of trade
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade \|x Trade relations \|x Trade zones \|x Free trade zones
650		4	\|a Economics \|x Economic disciplines \|x Labor economics \|x Labor \|x Workforce \|x Organized labor \|x Labor unionization \|x Labor unions
650		4	\|a Business \|x Business economics \|x Commercial production \|x Production factors \|x Production output \|x Domestic product \|x Gross domestic product
650		4	\|a Economics \|x Economic disciplines \|x Financial economics \|x Finance \|x Financial investments \|x Investment funds \|x Endowments
650		4	\|a Economics \|x Macroeconomics \|x International economics \|x International trade
650		4	\|a Mathematics \|x Applied mathematics \|x Game theory \|x Nash equilibrium \|x Symposium on International Trade
655		4	\|a research-article
700	1		\|a Riezman, Raymond \|e verfasserin \|4 aut
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856	4	0	\|u https://www.jstor.org/stable/40283054 \|3 Volltext
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