An enhancement of modern free trade area theory
AbstractThis paper constructs a framework for analysing the welfare effects of free trade areas. We provide an alternative verification of the Panagariya-Krishna proposition on free trade areas, shortening the proof, covering a broader set of circumstances, and showing the necessary income flows to guarantee welfare gains to all members. The paper provides a theoretical parallel to the important Kemp and Wan custom union theory. Copyright 2007 , Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 59 (2007)
Issue (Month): 2 (April)
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- D60 - Microeconomics - - Welfare Economics - - - General
- F15 - International Economics - - Trade - - - Economic Integration
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- Earl L. Grinols & Peri Silva, 2008.
"Rules of Origin and Gains from Trade,"
Development Working Papers
249, Centro Studi Luca d\'Agliano, University of Milano.
- Pascalis Raimondos-Møller & Alan D. Woodland, 2011. "Reciprocity, World Prices and Welfare," CESifo Working Paper Series 3607, CESifo Group Munich.
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