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Liberalization and Capital Accumulation in the GTAP Model

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Author Info
Francois, Joseph
Bradley McDonald

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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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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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  1. 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. [Downloadable!]
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  2. Achterbosch, T.J. & ben Hammouda, H. & Osakwe, P.N. & van Tongeren, F.W., 2004. "Trade Liberalisation Under The Doha Development Agenda; Options And Consequences For Africa," Report Series 29104, Agricultural Economics Research Institute. [Downloadable!]
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  3. 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. [Downloadable!]
  4. Terrie Walmsley, 1998. "LONG-RUN SIMULATIONS WITH GTAP: Illustrative Results from APEC Trade Liberalisation," Centre of Policy Studies/IMPACT Centre Working Papers ip-70, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
    Other versions:
  5. 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). [Downloadable!]
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