The Imperfect Substitutes Model in South Asia
In large number of circumstances, trade policy modellers turn to partial equilibrium modelling in an imperfect substitutes framework. This article develops a formal representation of this imperfect substitutes model and applies it to trade liberalization within the negative list between Pakistan and India following Pakistanâ€™s decision to grant most favoured nation (MFN) status to India. It provides estimates for ranges of output and welfare effects for a number of sectors of interest. It sets these results within the history of Pakistanâ€“India trade and the political economy of the negative list.
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