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Is Bilateralism Consistent with Global Free Trade?

Author

Listed:
  • Daniel E. May

    (Business School, University of Wolverhampton, U.K.)

Abstract

Some studies show that bilateralism is consistent with global free trade under pairwise stability. By using an alternative stability concept we find that this is not always the case. Nonetheless, a system of transfers could help to stabilize this condition.

Suggested Citation

  • Daniel E. May, 2008. "Is Bilateralism Consistent with Global Free Trade?," International Journal of Business and Economics, College of Business and College of Finance, Feng Chia University, Taichung, Taiwan, vol. 7(2), pages 137-152, August.
  • Handle: RePEc:ijb:journl:v:7:y:2008:i:2:p:137-152
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    References listed on IDEAS

    as
    1. Yi, Sang-Seung, 2000. "Free-Trade Areas and Welfare: An Equilibrium Analysis," Review of International Economics, Wiley Blackwell, vol. 8(2), pages 336-347, May.
    2. Sang-Seung, Yi, 1996. "Endogenous formation of customs unions under imperfect competition: open regionalism is good," Journal of International Economics, Elsevier, pages 153-177.
    3. Gilles, R.P. & Sarangi, S., 2003. "The Role of Trust in Costly Network Formation," Discussion Paper 2003-53, Tilburg University, Center for Economic Research.
    4. Baldwin, Richard, 1987. "Politically realistic objective functions and trade policy PROFs and tariffs," Economics Letters, Elsevier, vol. 24(3), pages 287-290.
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    Citations

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    Cited by:

    1. May, Daniel E., 2011. "Incentives of small countries to participate in a global free trade agreement in agriculture: a theoretical analysis," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 15.
    2. May, Daniel E., 2011. "Incentives of small countries to participate in a global free trade agreement in agriculture: a theoretical analysis," Economia Agraria, Agrarian Economist Association (AEA), Chile, vol. 15.

    More about this item

    Keywords

    bilateralism; global free trade; network equilibrium;

    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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