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Distance measures between free trade and autarky for the world economy

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Author Info

  • Riezman, Raymond
  • Whalley, John
  • Zhang, Shunming

Abstract

We develop a methodology to determine numerically how globalized the world economy is. We present a global general equilibrium model capturing major OECD economies and a residual rest of world for which alternative metrics of distance between observed, free trade and autarky equilibria can be developed. We use data for 2000 and report a number of distance measures between the 2000 observed trade restricted equilibrium and both free trade and autarky equilibria noting the absence of prior literature on metrics of distance between equilibria. The measures are used to determine the degree to which the world economy is globalized.

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File URL: http://www.sciencedirect.com/science/article/pii/S0264999311000988
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Bibliographic Info

Article provided by Elsevier in its journal Economic Modelling.

Volume (Year): 28 (2011)
Issue (Month): 4 (July)
Pages: 2000-2012

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Handle: RePEc:eee:ecmode:v:28:y:2011:i:4:p:2000-2012

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Web page: http://www.elsevier.com/locate/inca/30411

Related research

Keywords: General equilibrium Trade World economy Autarky;

References

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  1. Raymond Riezman & John Whalley & Shunming Zhang, 2008. "Metrics Capturing the Degree to Which Individual Economies Are Globalized," University of Western Ontario, Economic Policy Research Institute Working Papers 20085, University of Western Ontario, Economic Policy Research Institute.
  2. Kehoe, Timothy J., 1991. "Computation and multiplicity of equilibria," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 38, pages 2049-2144 Elsevier.
  3. Lisandro Abrego & John Whalley, 2003. "Goods market responses to trade shocks and trade and wages decompositions," Canadian Journal of Economics, Canadian Economics Association, vol. 36(3), pages 747-757, August.
  4. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521266550, October.
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Cited by:
  1. Harry P. Bowen & Haris Munandar & Jean-Marie Viaene, 2009. "How Integrated Is The World Economy?," Discussion Paper Series 2009-03, McColl School of Business, Queens University of Charlotte.

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