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EU-GCC free trade agreement: Adjustments in a factors proportion model for the UAE

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  • Toledo, Hugo
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    Abstract

    The EU-GCC Free Trade Agreement would likely cause price changes across industries with subsequent effect on output and factor price adjustments. With higher levels of trade, the rising income will be redistributed among winner and loser industries and factors of production. This paper simulates the magnitude of these adjustments with a factors proportion model of production and trade for six different labor categories and capital in four sectors of the UAE economy. Results show a large impact on sector specific factors but for mobile factors, the shocks would be smaller suggesting a policy to increase factor mobility in the UAE.

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    Bibliographic Info

    Article provided by Elsevier in its journal International Review of Economics & Finance.

    Volume (Year): 20 (2011)
    Issue (Month): 2 (April)
    Pages: 248-256

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    Handle: RePEc:eee:reveco:v:20:y:2011:i:2:p:248-256

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    Web page: http://www.elsevier.com/locate/inca/620165

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    Keywords: Free trade Income redistribution EU UAE GCC;

    References

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    1. Henry Thompson, 1995. "Free trade and income redistribution in some developing and newly industrialized countries," Open Economies Review, Springer, vol. 6(3), pages 265-280, July.
    2. Neary, J Peter, 1978. "Short-Run Capital Specificity and the Pure Theory of International Trade," Economic Journal, Royal Economic Society, vol. 88(351), pages 488-510, September.
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    7. Thompson, Henry, 1994. "Production and trade with sector specific international capital," International Review of Economics & Finance, Elsevier, vol. 3(1), pages 93-105.
    8. Thompson, Henry & Toledo, Hugo, 2005. "FTAA and Colombia: Income redistribution across labor groups," International Review of Economics & Finance, Elsevier, vol. 14(2), pages 203-212.
    9. Mussa, Michael, 1974. "Tariffs and the Distribution of Income: The Importance of Factor Specificity, Substitutability, and Intensity in the Short and Long Run," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1191-1203, Nov.-Dec..
    10. Hugo Toledo, 2007. "Coca Substitution and Free Trade in Bolivia: The Pending Crisis," Review of Development Economics, Wiley Blackwell, vol. 11(1), pages 63-77, 02.
    11. Boughanmi, Houcine, 2008. "The Trade Potential of the Arab Gulf Cooperation Countries (GCC): A Gravity Model Approach," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 23, pages 42-56.
    12. LaLonde, Robert J & Topel, Robert H, 1991. "Immigrants in the American Labor Market: Quality, Assimilation, and Distributional Effects," American Economic Review, American Economic Association, vol. 81(2), pages 297-302, May.
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    Cited by:
    1. Naifar, Nader & Al Dohaiman, Mohammed Saleh, 2013. "Nonlinear analysis among crude oil prices, stock markets' return and macroeconomic variables," International Review of Economics & Finance, Elsevier, vol. 27(C), pages 416-431.
    2. Akay, Gokhan H., 2012. "Trade and factor returns: Empirical evidence from U.S. economy," International Review of Economics & Finance, Elsevier, vol. 21(1), pages 77-86.

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