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Incorporating International Capital Ownership into the GTAP Model: Results for Asia-Pacific Trade Liberalisation

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  • Terrie L. Walmsley

Abstract

In this paper, some major modifications are made to the existing GTAP structure and database to incorporate a long-run closure in which changes in the ownership of capital stocks are determined endogenously and income earned on endowment commodities accrues to the owners of those endowments. This long-run closure assumes that in the long run all economies are growing at a common steady-state rate of growth, determined by the rate of population and technological growth. In order to ensure valid comparative statics the underlying growth rate in the database must equal this steady-state rate of growth. Shocks are imposed to equate the growth rates of capital across regions and thus create a steady-state database. Once the GTAP model and database have been modified, they are then used to simulate the long-run effects of Asia-Pacific trade liberalisation on welfare and gross national product. It is found that the foreign ownership of assets does have a significant effect on the projected outcome of trade liberalisation in the Asia-Pacific region.

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Bibliographic Info

Paper provided by Victoria University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number ip-72.

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Date of creation: Apr 1999
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Handle: RePEc:cop:wpaper:ip-72

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  1. Walmsley, Terrie, 1998. "Long Run Simulations With GTAP: Illustrative Results from APEC Trade Liberalisation," GTAP Technical Papers 312, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
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Cited by:
  1. Hiro Lee & Dominique van der Mensbrugghe, 2001. "A General Equilibrium Analysis of the Interplay between Foreign Direct Investment and Trade Adjustments," Discussion Paper Series 119, Research Institute for Economics & Business Administration, Kobe University, revised Jul 2001.
  2. Elisabeth Christen & Joseph Francois & Bernard Hoekman, 2012. "CGE modeling of market access in services," Working Papers 2012-13, Faculty of Economics and Statistics, University of Innsbruck.
  3. Brown, Drusilla K & Stern, Robert M, 2001. "Measurement and Modeling of the Economic Effects of Trade and Investment Barriers in Services," Review of International Economics, Wiley Blackwell, vol. 9(2), pages 262-86, May.
  4. Robert M. Stern, 2000. "Quantifying Barriers to Trade in Services," Working Papers 470, Research Seminar in International Economics, University of Michigan.
  5. Christen, Elisabeth & Francois, Joseph & Hoekman, Bernard, 2013. "Computable General Equilibrium Modeling of Market Access in Services," Handbook of Computable General Equilibrium Modeling, Elsevier.

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