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A Portfolio Theory of International Capital Flows

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Author Info
Martina Brockmeier
Janine Pelikan
Abstract

This paper analyses the economic effects of different magnitudes of tariff cuts, different tariff cutting formulas, the implications of tariff capping as well as different numbers and width of tariff bands in the market access pillar of the Doha Round agricultural negotiations. The simulations are conducted with an extended version of the GTAP model and an extended version of the GTAP data base (6.0) including bound and applied rates. The results reveal that the EU-27 experiences a negative change of its trade balance in the highly protected beef and sugar sectors. The relative increase of EU beef and sugar imports is mainly evoked by the magnitude of tariff cuts and, to a lesser extent, by the kind of formula used to implement the tariff cuts. In contrast, the EU trade balance for milk and cereals is hardly influenced by different options to cut tariffs. Here, the negative change of the trade balance is mainly driven by the elimination of export subsidies. The results also indicate a relative increase of EU exports for other meat, if tariff cuts are high enough to open third countries' markets to the EU.

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Paper provided by IIIS in its series The Institute for International Integration Studies Discussion Paper Series with number iiisdp125.

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Date of creation: 05 Apr 2006
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Handle: RePEc:iis:dispap:iiisdp125

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Related research
Keywords: Doha Round agricultural trade liberalization Common Agricultural Policy developing countries tariff reductions

Find related papers by JEL classification:
F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

References listed on IDEAS
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  1. Anderson, Kym & Martin, Will, 2005. "Agricultural trade reform and the Doha development agenda," Policy Research Working Paper Series 3607, The World Bank. [Downloadable!]
    Other versions:
  2. Jean-Christophe Bureau & Luca Salvatici, 2004. "WTO Negotiations on Market Access in Agriculture: a Comparison of Alternative Tariff Cut Proposals for the EU and the US," Topics in Economic Analysis & Policy, Berkeley Electronic Press, vol. 4(1), pages 1152-1152. [Downloadable!] (restricted)
  3. Joseph Francois & Will Martin, 2003. "Formula Approaches for Market Access Negotiations," The World Economy, Blackwell Publishing, vol. 26(1), pages 1-28, January. [Downloadable!] (restricted)
    Other versions:
  4. Harrison, W Jill & Pearson, K R, 1996. "Computing Solutions for Large General Equilibrium Models Using GEMPACK," Computational Economics, Springer, vol. 9(2), pages 83-127, May.
    Other versions:
  5. Sebastien Jean & David Laborde & Will Martin, 2005. "Consequences of Alternative Formulas for Agricultural Tariff Cuts," Working Papers 2005-15, CEPII research center. [Downloadable!]
  6. W. Jill Harrison & J. Mark Horridge & K.R. Pearson, 1999. "Decomposing Simulation Results with Respect to Exogenous Shocks," Centre of Policy Studies/IMPACT Centre Working Papers ip-73, Monash University, Centre of Policy Studies/IMPACT Centre. [Downloadable!]
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  7. Antoine Bouet & Yvan Decreux & Lionel Fontagne & Sebastien Jean & David Laborde, 2004. "A Consistent, Ad-Valorem Equivalent Measure of Applied Protection Across the World: The MAcMap-HS6 Database," Working Papers 2004-22, CEPII research center. [Downloadable!]
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