Welfare Gains to UK from a Global Free Trade
AbstractThis paper reports on a 11 region 15 sector global trade model which includes the UK as one of the regions. Model results show that a global elimination of tariffs, export taxes and subsidies raises the volume of global trade. Gains from the global free trade are 1.3 percent of the global GDP, roughly about 325 billion dollars in 1995. In absolute terms Japan gains the most (91 billion dollars) followed by Europe (67 billion dollars) and the USA (54 billion dollars). UK gains about 11 billion dollars (6.8 billion pounds) from multilateral trade liberalisation. These gains are significantly higher than gains reported from unilateral liberalisation obtained from a small open economy model. Gains from free trade as a share of GDP are much higher for emerging countries such as China than for other regions in the model.
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Bibliographic InfoArticle provided by European Research Studies Journal in its journal European Research Studies Journal.
Volume (Year): IV (2001)
Issue (Month): 3-4 (July - December)
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Web page: http://www.ersj.eu/
Global trade model; UK economy;
Find related papers by JEL classification:
- C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Recovery needs more demand not free trade
by Brian Ashcroft in Scottish Economy Watch on 2012-12-11 19:07:01
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