Multilateralism and Hub-and-Spoke Bilateralism
AbstractThis paper studies sequential negotiations of bilateral free-trade agreements in an oligopoly model. The expansion of trading blocs through overlapping trade agreements allows the option of hub-and-spoke systems and achieves multilateral free trade as the equilibrium path, even if the expansion of trading blocs through the acceptance of new members is not feasible. The results suggest that free-trade areas (FTAs) tend to expand more than customs unions (CUs). Lobbying by a producer can either promote or undermine the achievement of multilateral free trade through overlapping FTAs. Copyright � 2006 The Authors; Journal compilation � 2006 Blackwell Publishing Ltd.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Review of International Economics.
Volume (Year): 14 (2006)
Issue (Month): 4 (09)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576
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- Taiji Furusawa & Hideo Konishi, 2003.
"Free Trade Networks,"
2003.55, Fondazione Eni Enrico Mattei.
- Yildiz, Halis Murat, 2012.
"Hub and Spoke Trade Agreements under Oligopoly with Asymmetric Costs,"
36501, University Library of Munich, Germany, revised 07 Feb 2012.
- Yildiz, Halis Murat, 2011. "Hub and spoke trade agreements under oligopoly with asymmetric costs," MPRA Paper 34964, University Library of Munich, Germany.
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