Chapter

Global Issues

Richard Pomfret

in The Economics of Regional Trading Arrangements

Published in print November 2001 | ISBN: 9780199248872
Published online November 2003 | e-ISBN: 9780191596797 | DOI: http://dx.doi.org/10.1093/0199248877.003.0016
 Global Issues

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Section 1 of this chapter investigates whether RTAs have led to increased regionalization of world trade. Section 2 reports on studies using CGE models to identify gainers and losers from the spread of RTAs as opposed to non‐discriminatory trade liberalization. Section 3 draws conclusions, emphasizing that the problem for all empirical work on RTAs is our poor knowledge of elasticities of substitution between imports from different sources.

Keywords: elasticity; general equilibrium models; import substitution; regional trading arrangement; regionalization; trade liberalization

Chapter.  2275 words. 

Subjects: International Economics

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