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An enhancement of modern free trade area theory

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  • Earl L. Grinols
  • Peri Silva

Abstract

This paper constructs a framework for analysing the welfare effects of free trade areas. We provide an alternative verification of the Panagariya-Krishna proposition on free trade areas, shortening the proof, covering a broader set of circumstances, and showing the necessary income flows to guarantee welfare gains to all members. The paper provides a theoretical parallel to the important Kemp and Wan custom union theory. Copyright 2007 , Oxford University Press.

Suggested Citation

  • Earl L. Grinols & Peri Silva, 2007. "An enhancement of modern free trade area theory," Oxford Economic Papers, Oxford University Press, vol. 59(2), pages 219-225, April.
    • Handle: RePEc:oup:oxecpp:v:59:y:2007:i:2:p:219-225
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    File URL: http://hdl.handle.net/10.1093/oep/gpl026
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    Cited by:

    1. Jaume Sempere, 2022. "On potential Pareto gains from free trade areas formation," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 24(6), pages 1502-1518, December.
    2. Jana Kovářová, 2014. "The Theory of the Free Trade Area As a Possible Form of Future Cooperation of the European Union with The US [Teorie pásma volného obchodu jako možné formy budoucí spolupráce Evropské unie s USA]," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2014(1), pages 56-71.
    3. Earl Grinols & Peri Silva, 2011. "Rules of origin and gains from trade," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 47(1), pages 159-173, May.
    4. Earl L. Grinols & Peri Silva, 2008. "Industrial targeting in free trade areas with policy independence," Canadian Journal of Economics, Canadian Economics Association, vol. 41(3), pages 796-816, August.
    5. Pascalis Raimondos & Alan D. Woodland, 2011. "Reciprocity, World Prices and Welfare," CESifo Working Paper Series 3607, CESifo.

    More about this item

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • F15 - International Economics - - Trade - - - Economic Integration

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