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Liberalization and Capital Accumulation in the GTAP Model

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  • Francois, Joseph
  • Bradley McDonald

Abstract

1996, July This paper explores trade policy and investment linkages in the GTAP Model. This is done under alternative steady-state closure rules linking trade to consumption, production, and investment, and emphasizing the general equilibrium nature of capital accumulation mechanisms. When policy shocks are capital friendly, induced investment may be greater than suggested by current savings rates. As a result, multiplier-type analysis can be very misleading. The importance and direction of this magnification hinges critically on the sensitivity of savings rates with respect to real returns. As illustration, we offer a numerical assessment of the Uruguay Round, highlighting such linkages.

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File URL: http://www.gtap.agecon.purdue.edu/resources/res_display.asp?RecordID=310
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Bibliographic Info

Paper provided by Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University in its series GTAP Technical Papers with number 310.

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Date of creation: 1996
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Handle: RePEc:gta:techpp:310

Note: GTAP Technical Paper No. 07
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Cited by:
  1. Francois, Joseph F. & McQueen, Matthew & Wignaraja, Ganeshan, 2005. "European Union-developing country FTAs: overview and analysis," World Development, Elsevier, vol. 33(10), pages 1545-1565, October.
  2. Jong Eun Lee, 2004. "The sequential issue in free trade areas: Policy implication for Korea," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(2), pages 165-174.
  3. Hertel, Thomas, 2013. "Global Applied General Equilibrium Analysis Using the Global Trade Analysis Project Framework," Handbook of Computable General Equilibrium Modeling, Elsevier.
  4. Wainio, John & Gehlhar, Mark J. & Dyck, John H., 2011. "Selected Trade Agreements and Implications for U.S. Agriculture," Economic Research Report 102754, United States Department of Agriculture, Economic Research Service.
  5. J. Francois & H. van Meijl & F. van Tongeren, 2003. "Trade Liberalization and Developing Countries under the Doha Round," Tinbergen Institute Discussion Papers 03-060/2, Tinbergen Institute, revised 30 Aug 2003.
  6. Tom Achterbosch & Hakim Ben Hammouda & Patrick Osakwe & Frank van Tongeren, 2004. "Trade liberalisation under the Doha Development Agenda Options and consequences for Africa," International Trade 0407013, EconWPA.
  7. Álvarez-Martínez, María Teresa & Polo, Clemente, 2012. "A general equilibrium assessment of external and domestic shocks in Spain," Economic Modelling, Elsevier, vol. 29(6), pages 2486-2493.
  8. 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.
  9. Joseph F. Francois & Olga Pindyuk & Julia Woerz, 2008. "Trade Effects of Services Trade Liberalization in the EU," FIW Research Reports series I-004, FIW.
  10. Nakgyoon Choi, 2010. "General Equilibrium Analysis of DDA Trade Liberalization : Assessment of Alternative Scenarios," Trade Working Papers 23109, East Asian Bureau of Economic Research.
  11. ABE Kazutomo, 2007. "Assessing the Economic Impacts of Free Trade Agreements: A Computable Equilibrium Model Approach," Discussion papers 07053, Research Institute of Economy, Trade and Industry (RIETI).

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