The global economic consequences of the Uruguay Round
This paper examines the provisions of the recently completed Uruguay Round and evaluates the qualitative and quantitative effects of the Round on major countries and regions of the world. The implications of the Uruguay Round are measured using the G-cubed multicountry model. This model captures macroeconomic and sectoral linkages within the global economy. This study differs from other studies in that it considers the dynamic adjustment path, the impact of expectations formation, and the sectoral as well as macroeconomic consequences of the Round. The results are compared with other studies of the Uruguay Round. Ignoring major changes in productivity induced by the Round, it is found that the gains to the world economy are likely to be around $200 billion (1990) per year by the year 2000. The distribution of the gains across regions from the Round differ from other studies because of the adjustment of international capital flows. Private capital flows to regions that undertake the most extensive liberalization initially worsen their trade positions. In regions that liberalize less and experience a capital outflow, the production gains tends to be less than conventional studies find. The adjustment of private capital has important implications for exchange rates, and therefore for the adjustment of the international trading system over the decade of the implementation of the Round. Copyright Kluwer Academic Publishers 1995
Volume (Year): 6 (1995)
Issue (Month): 2 (April)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/international+economics/journal/11079/PS2|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
- W. M. Corden, 1992. "International Trade Theory And Policy," Books, Edward Elgar Publishing, number 104, June.
- McKibbin, W.J. & Wilcoxen, J.P., 1992. "G-Cubec: A Dynamic Multi-Sector General Equilibrium Model of the Global economy (Quantifying the Cost of Curbing CO2 Emissions)," Papers 98, Brookings Institution - Working Papers.
- Fumio Hayashi, 1981.
"Tobin's Marginal q and Average a : A Neoclassical Interpretation,"
457, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-24, January.
- Dominick Salvatore, 1989. "A model of dumping and protectionism in the United States," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 125(4), pages 763-781, December.
- Goldin,Ian & Winters,L. Alan (ed.), 1992. "Open Economies," Cambridge Books, Cambridge University Press, number 9780521420563, December.
- Baldwin, Richard, 1990.
"Measurable Dynamic Gains from Trade,"
Working Paper Series
270, Research Institute of Industrial Economics.
- Joyce Manchester & Warwick Mckibbin, 1995. "The global macroeconomics of NAFTA," Open Economies Review, Springer, vol. 6(3), pages 203-223, July.
- C. Fred Bergsten & Marcus Noland, 1993. "Reconcilable Differences? United States-Japan Economic Conflict," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 34, January.
- Ingrid H. Rima (ed.), 1993. "The Political Economy of Global Restructuring," Books, Edward Elgar Publishing, number 714, June.
- John Y. Campbell & N. Gregory Mankiw, 1987.
"Permanent Income, Current Income, and Consumption,"
NBER Working Papers
2436, National Bureau of Economic Research, Inc.
- Robert E. Baldwin, 1988. "Trade Policy Issues and Empirical Analysis," NBER Books, National Bureau of Economic Research, Inc, number bald88-2, 07.
- McKibbin, W.J. & Wilcoxen, P.J., 1995.
"Environmental Policy and International Trade,"
117, Brookings Institution - Working Papers.
- Nguyen, T.T. & Perroni, C. & Wigle, R.M., 1991.
"The Value of a Uruguay Round Success,"
91151, Wilfrid Laurier University, Department of Economics.
- Jeffrey J. Schott, 2006. "Completing the Doha Round," Policy Briefs PB06-7, Peterson Institute for International Economics.
- Martin Feldstein, 1988. "International Economic Cooperation," NBER Books, National Bureau of Economic Research, Inc, number feld88-4, 07.
- Gary Clyde Hufbauer & Kimberly Ann Elliott, 1994. "Measuring the Costs of Protection in the United States," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 77, January.
- Salvatore,Dominick (ed.), 1993. "Protectionism and World Welfare," Cambridge Books, Cambridge University Press, number 9780521414555, December.
- Salvatore,Dominick (ed.), 1993. "Protectionism and World Welfare," Cambridge Books, Cambridge University Press, number 9780521424899, December.
- Jagdish Bhagwati, 1989. "Protectionism," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262521504, March.
- D. Greenaway & R. Hine, 1993. "Trade policy and protection in the European Community," Open Economies Review, Springer, vol. 4(4), pages 433-456, December.
When requesting a correction, please mention this item's handle: RePEc:kap:openec:v:6:y:1995:i:2:p:111-129. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.