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The Effect of Bilateral Trade Agreements on World Trade and Price Stability

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  • Webb, Alan J.

Abstract

A theoretical model is developed which shows that the aggregate effect of an increase in bilateral trade agreements is an increase in the variability of world prices and trade. For a single country, the model shows that it is to each country's advantage to keep its bilateral commitments from exceeding its expected trade.

Suggested Citation

  • Webb, Alan J., 1981. "The Effect of Bilateral Trade Agreements on World Trade and Price Stability," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279320, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea81:279320
    DOI: 10.22004/ag.econ.279320
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    References listed on IDEAS

    as
    1. M. H. Pesaran, 1974. "On the General Problem of Model Selection," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(2), pages 153-171.
    2. Pollak, Robert A, 1978. "Endogenous Tastes in Demand and Welfare Analysis," American Economic Review, American Economic Association, vol. 68(2), pages 374-379, May.
    3. Pollak, Robert A & Wales, Terrence J, 1969. "Estimation of the Linear Expenditure System," Econometrica, Econometric Society, vol. 37(4), pages 611-628, October.
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