IDEAS home Printed from https://ideas.repec.org/p/fth/brooki/110.html
   My bibliography  Save this paper

The Global Economic Consequences of the Uruguay Round

Author

Listed:
  • McKibbin, W.J.
  • Salvatore, D.

Abstract

This paper examines the provisions of the recently completed Uruguay Round and evaluates the qualitative and quantitative effects of the Round on major countries and regions of the world. The implications of the Uruguay Round are measured using the G-cubed multicountry model. This model captures macroeconomic and sectoral linkages within the global economy. This study differs from other studies in that it considers the dynamic adjustment path, the impact of expectations formation, and the sectoral as well as macroeconomic consequences of the Round. The results are compared with other studies of the Uruguay Round. Ignoring major changes in productivity induced by the Round, it is found that the gains to the world economy are likely to be around $200 billion (1990) per year by the year 2000. The distribution of the gains across regions from the Round differ from other studies because of the adjustment of international capital flows. Private capital flows to regions that undertake the most extensive liberalization initially worsen their trade positions. In regions that liberalize less and experience a capital outflow, the production gains tends to be less than conventional studies find. The adjustment of private capital has important implications for exchange rates, and therefore for the adjustment of the international trading system over the decade of the implementation of the Round. Copyright Kluwer Academic Publishers 1995
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • McKibbin, W.J. & Salvatore, D., 1995. "The Global Economic Consequences of the Uruguay Round," Papers 110, Brookings Institution - Working Papers.
  • Handle: RePEc:fth:brooki:110
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Baldwin, Richard E, 1992. "Measurable Dynamic Gains from Trade," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 162-174, February.
    2. Ingrid H. Rima (ed.), 1993. "The Political Economy of Global Restructuring," Books, Edward Elgar Publishing, number 714.
    3. Dominick Salvatore, 1989. "A model of dumping and protectionism in the United States," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 125(4), pages 763-781, December.
    4. Gary Clyde Hufbauer & Kimberly Ann Elliott, 1994. "Measuring the Costs of Protection in the United States," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 77.
    5. Martin Feldstein, 1988. "International Economic Cooperation," NBER Books, National Bureau of Economic Research, Inc, number feld88-4.
    6. Goldin,Ian & Winters,L. Alan (ed.), 1992. "Open Economies," Cambridge Books, Cambridge University Press, number 9780521420563, May.
    7. Jeffrey J. Schott, 2006. "Completing the Doha Round," Policy Briefs PB06-7, Peterson Institute for International Economics.
    8. McKibbin, W.J. & Wilcoxen, J.P., 1992. "G-Cubec: A Dynamic Multi-Sector General Equilibrium Model of the Global economy (Quantifying the Cost of Curbing CO2 Emissions)," Papers 98, Brookings Institution - Working Papers.
    9. Salvatore,Dominick (ed.), 1993. "Protectionism and World Welfare," Cambridge Books, Cambridge University Press, number 9780521424899, May.
    10. D. Greenaway & R. Hine, 1993. "Trade policy and protection in the European Community," Open Economies Review, Springer, vol. 4(4), pages 433-456, December.
    11. W. J. McKibbin & P. J. Wilcoxen, "undated". "Environmental Policy and International Trade," Discussion Papers 117, Brookings Institution International Economics.
    12. Campbell, John Y & Mankiw, N Gregory, 1990. "Permanent Income, Current Income, and Consumption," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(3), pages 265-279, July.
    13. Joyce Manchester & Warwick Mckibbin, 1995. "The global macroeconomics of NAFTA," Open Economies Review, Springer, vol. 6(3), pages 203-223, July.
    14. W. M. Corden, 1992. "International Trade Theory And Policy," Books, Edward Elgar Publishing, number 104.
    15. Jagdish Bhagwati, 1989. "Protectionism," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262521504, January.
    16. C. Fred Bergsten & Marcus Noland, 1993. "Reconcilable Differences? United States-Japan Economic Conflict," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 34, January.
    17. Robert E. Baldwin, 1988. "Trade Policy Issues and Empirical Analysis," NBER Books, National Bureau of Economic Research, Inc, number bald88-2.
    18. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-224, January.
    19. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
    20. Trien T. Nguyen & Carlo Perroni & Randall M. Wigle, 1991. "The Value of a Uruguay Round Success," The World Economy, Wiley Blackwell, vol. 14(4), pages 359-374, December.
    21. Salvatore,Dominick (ed.), 1993. "Protectionism and World Welfare," Cambridge Books, Cambridge University Press, number 9780521414555, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Coyle, William T. & Wang, Zhi, 1998. "Open Regionalism In Apec: Impacts On U.S. Agriculture And Trade," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20981, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Kouparitsas, Michael A., 2001. "Should trade barriers be phased-out slowly? A case study of North America," Journal of Policy Modeling, Elsevier, vol. 23(8), pages 875-900, November.
    3. McCalman, Phillip, 2002. "Multi-lateral trade negotiations and the Most Favored Nation clause," Journal of International Economics, Elsevier, vol. 57(1), pages 151-176, June.
    4. Warwick. J. McKibbin, "undated". "Quantifying APEC Trade Liberalization: A Dynamic Analysis," Discussion Papers 122, Brookings Institution International Economics.
    5. McKibbin, Warwick J. & Wilcoxen, Peter J., 2013. "A Global Approach to Energy and the Environment," Handbook of Computable General Equilibrium Modeling, Elsevier.

    More about this item

    Keywords

    TRADE; FREE TRADE; ECONOMIC INTEGRATION;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fth:brooki:110. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel). General contact details of provider: http://edirc.repec.org/data/brookus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.