Trade Liberalization in Latin America and Eastern Europe: the Cases of Ecuador and Slovenia
We analyze the potential effects of ongoing trade reforms: Ecuador signing an FTA with the US, and Slovenia joining the EU. We construct a static Applied General Equilibrium Model and perform numerical experiments eliminating all import tariffs. Based on Input-Output tables, we construct Social Accounting Matrices for each country for calibration. Additional experiments are performed: sensitivity analyses on the trade elasticities, partial liberalizations, fiscal impacts of eliminating tariff revenues, and an alternative Slovenian liberalization framework. We find that both countries benefit from these reforms, with import prices falling and exports rising. However, different arrangements of trade liberalization have different implications on trade and welfare patterns.
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- Hummels, David, 1999. "Toward a Geography of Trade Costs," GTAP Working Papers 1162, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
- Michael Rolleigh, 2004. "Plant Heterogeneity and Applied General Equilibrium Models of Trade: Lessons from the CA-US FTA," 2004 Meeting Papers 360, Society for Economic Dynamics.
- Timothy J. Kehoe, 2003.
"An Evaluation of the Performance of Applied General Equilibrium Models of the Impact of NAFTA,"
Levine's Working Paper Archive
506439000000000525, David K. Levine.
- Timothy J. Kehoe, 2003. "An evaluation of the performance of applied general equilibrium models of the impact of NAFTA," Staff Report 320, Federal Reserve Bank of Minneapolis.
- Shoven, John B & Whalley, John, 1984. "Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey," Journal of Economic Literature, American Economic Association, vol. 22(3), pages 1007-51, September.
- Timothy J. Kehoe, 1996. "Social accounting matrices and applied general equilibrium models," Working Papers 563, Federal Reserve Bank of Minneapolis.
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