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The Effects of Trade Liberalization in Textiles and Clothing on the Greek Market for Cotton Yarn: A Multi-Market Analysis

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  • Dimitrios Dadakas
  • Stelios D. Katranidis

Abstract

The Uruguay Round (1987-95) signaled the end of the Multifiber Agreement for textiles and clothing. The quota regime, in place since 1974, was decided, according to the Agreement on Textiles and Clothing, to be gradually eliminated by the year 2005. As a result, prices of cotton-yarn in the world markets decreased, affecting producers in all cotton-yarn exporting countries, including Greece. At the same time, the labor cost in western industrialized countries remained high, or even increased, exerting further pressure on yarn producers. The present paper examines these changes for the cotton-yarn industry in Greece. We use a multi-market partial-equilibrium model which allows us to take into account simultaneous input and output price changes, relevant for the industry under study. Findings show that, after the implementation of the program for the gradual elimination of quotas, producers' welfare decreased whereas consumers noted substantial increases in welfare transfers. Copyright � 2010 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 18 (2010)
Issue (Month): 1 (02)
Pages: 138-152

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Handle: RePEc:bla:reviec:v:18:y:2010:i:1:p:138-152

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  1. Jeong, Kyeong-Soo & Garcia, Philip & Bullock, David S., 2003. "A statistical method of multi-market welfare analysis applied to Japanese beef policy liberalization," Journal of Policy Modeling, Elsevier, vol. 25(3), pages 237-256, April.
  2. Joseph F. Francois & Hans H. Glismann & Dean Spinanger, 2000. "The Cost of EU Trade Protection in Textiles and Clothing," Kiel Working Papers 997, Kiel Institute for the World Economy.
  3. Stelios D. Katranidis & Elisavet I. Nitsi & David S. Bullock, 2005. "The effects of EU corn, cotton, and sugar beet policies on Greek producers: a multimarket analysis," Agricultural Economics, International Association of Agricultural Economists, vol. 33(s3), pages 423-430, November.
  4. Kling, Catherine L. & Sexton, Richard, 1990. "Bootstrapping in Applied Welfare Analysis," Staff General Research Papers 1595, Iowa State University, Department of Economics.
  5. Stelios Katranidis & Gregory Kordas & Kostas Velentzas, 2003. "Welfare analysis and bootstrapping," Applied Economics Letters, Taylor & Francis Journals, vol. 10(6), pages 335-338.
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Cited by:
  1. Dimitrios Dadakas & Stelios Katranidis, 2010. "Trade liberalisation in T&C: an overview of the welfare effects," International Journal of Trade and Global Markets, Inderscience Enterprises Ltd, vol. 3(3), pages 247-266.
  2. Dimitrios Dadakas & Stelios D. Katranidis, 2011. "Perspectives for the textiles and clothing industry in Greece: Past experience, outlook and policy implications," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 61(1-2), pages 13-38, January -.

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