Some Welfare Effects of Sequential Customs Union Formation
AbstractThis paper deals with the effects on world welfare of sequential customs union formation. A computational model of customs union formation is developed and simulated under a variety of assumptions. These assumptions concern various characteristics of the world, the pattern of customs union formation, and GATT restrictions on common external tariffs. The results show that unrestricted customs union formation is likely to result in successive deterioration of world welfare, despite gains for the member countries collectively. An examination of the current GATT guidelines, however, suggests that if they were vigorously enforced, world welfare would rise with customs union formation.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 29 (1996)
Issue (Month): 4 (November)
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