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Quantifying the Uruguay Round

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  • Harrison, Glenn W
  • Rutherford, Thomas F
  • Tarr, David G

Abstract

The effects of the Uruguay Round are quantified using a numerical general equilibrium model which incorporates increasing returns to scale, twenty-four regions, twenty-two commodities, and steady state growth effects. The authors conclude that the aggregate welfare gains from the Round are in the order of $96 billion per year in the short run, but could be as high as $171 billion per year in the long run after capital stocks have optimally adjusted. Despite these global gains, the authors identify some developing countries that lose from the Round in the short run. In the long run, almost all gain, and the Round will allow developing countries to gain further through their own unilateral liberalization. Copyright 1997 by Royal Economic Society.

Suggested Citation

  • Harrison, Glenn W & Rutherford, Thomas F & Tarr, David G, 1997. "Quantifying the Uruguay Round," Economic Journal, Royal Economic Society, vol. 107(444), pages 1405-1430, September.
  • Handle: RePEc:ecj:econjl:v:107:y:1997:i:444:p:1405-30
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    1. Walter Garcia-Fontes & Hugo Hopenhayn, 2000. "Entry restrictions and the determination of quality," Spanish Economic Review, Springer;Spanish Economic Association, vol. 2(2), pages 105-127.
    2. Juan P. Nicolini, 1993. "More on the time inconsistency of optimal monetary policy," Economics Working Papers 56, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Calsamiglia, Xavier & Kirman, Alan, 1993. "A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes," Econometrica, Econometric Society, vol. 61(5), pages 1147-1172, September.
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    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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