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Measuring the benefits of unilateral trade liberalization; part 2: dynamic models

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Author Info
Carlos E. J. M. Zarazaga

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Abstract

This is the second of two articles examining the potential welfare gains or losses from a unilateral move toward free trade. Part 1 concluded that applied static models of international trade fail to produce eye-popping positive welfare effects. In Part 2, Carlos Zarazaga reviews available applied dynamic general equilibrium models. He finds that the promises of larger welfare gains from unilateral trade liberalization do materialize in some dynamic models. However, other models cannot completely dismiss some common objections to the adoption of unilateral free trade policies. Zarazaga also identifies the controversial theoretical and empirical issues behind those objections that will have to be resolved before unilateral trade liberalization is accepted as the definitive, welfare-improving alternative to costly and prolonged multilateral trade agreements.

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Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (2000)
Issue (Month): Q1 ()
Pages: 29-39
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Handle: RePEc:fip:fedder:y:2000:i:q1:p:29-39

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Mendoza, Enrique G, 1991. "Real Business Cycles in a Small Open Economy," American Economic Review, American Economic Association, vol. 81(4), pages 797-818, September. [Downloadable!] (restricted)
  2. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June. [Downloadable!] (restricted)
  3. Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1.
    Other versions:
    • Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1.
  4. Keuschnigg, Christian & Kohler, Wilhelm, 1996. "Commercial policy and dynamic adjustment under monopolistic competition," Journal of International Economics, Elsevier, vol. 40(3-4), pages 373-409, May. [Downloadable!] (restricted)
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  5. Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March. [Downloadable!] (restricted)
  6. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June. [Downloadable!] (restricted)
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  7. Lawrence H. Goulder & Barry Eichengreen, 1992. "Trade Liberalization in General Equilibrium: Intertemporal and Inter-industry Effects," Canadian Journal of Economics, Canadian Economics Association, vol. 25(2), pages 253-80, May. [Downloadable!] (restricted)
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  1. Arce, Rafael de & Mahia, Ramón, 2003. "Un Modèle d’Equilibre pour la Determination des Effets Nationaux de la Creation d’une Zone de Libre Echange Agricole Euro-Mediterraneenne
    [An equilibrium model for Free Trade Area creation eco    ," MPRA Paper 10455, University Library of Munich, Germany. [Downloadable!]
  2. Arce, Rafael de & Mahia, Ramón, 2004. "Estimación Analítica de los efectos de la creación de un área de libre comercio agrícola entre la UE y Marruecos
    [Analytical estimation of EU - Morocco potential free agricultural trade area]    ," MPRA Paper 10457, University Library of Munich, Germany. [Downloadable!]
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