An enhancement of modern free trade area theory
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.
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Volume (Year): 59 (2007)
Issue (Month): 2 (April)
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