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An exporatory assessment of the potential impact of the free trade area of the americas on the andean community

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Ricardo Arguello ()

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Abstract

An exploratory evaluation of the potential impact of the Free Trade Area of the Americas on the Andean Community is performed through a simulation using GTAP. Hosted by Purdue University, GTAP is a multi-region, applied general equilibrium model widely used to analyze global economic issues. The experiment is performed in a perfect competition, constant returns to scale framework and eliminates tariffs on goods trade between Western Hemisphere countries. The simulation results show modest but positive net welfare gains accruing to the Andean Community, largely due to allocative efficiency gains. Adverse terms of trade effects and trade diversion considerably reduce potential gains. Economic distortions within the Andean Community also have negative effects on welfare. Trade becomes more concentrated in bilateral flows with the United States and real returns on factors of production show improvements.

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Paper provided by UNIVERSIDAD DEL ROSARIO - FACULTAD DE ECONOMÍA in its series BORRADORES DE INVESTIGACIÓN with number 004332.

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Length: 23
Date of creation: 03 Jul 2004
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Handle: RePEc:col:000091:004332

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  1. McDougall, Robert, 2000. "A New Regional Household Demand System for GTAP," GTAP Working Papers 404, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University. [Downloadable!]
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  2. Timothy J. Kehoe, 2003. "An evaluation of the performance of applied general equilibrium models of the impact of NAFTA," Staff Report 320, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  3. Huff, Karen & Thomas W. Hertel, 2001. "Decomposing Welfare Changes in GTAP," GTAP Technical Papers 308, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University. [Downloadable!]
  4. Brockmeier, Martina, 2001. "A Graphical Exposition of the GTAP Model," GTAP Technical Papers 311, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University. [Downloadable!]
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