Wohlfahrtseffekte einer nordatlantischen Handelsliberalisierung
Many WTO countries continue to deepen and widen regional economic Integration - despite already low rates of most-favored-nation tariffs in most cases. This paper discusses the possible welfare-increasing effects of trade liberalization between the European Union (EU) and the North American Free Trade Area (NAFTA). The conceivable welfare consequences deducted from economic theory are confronted with quantitative estimates, which are based on a computable general equilibrium model. The Simulation results of the computable general equilibrium model point to rather small magnitudes of the welfare effects of North Atlantic liberalization. The paper discusses this finding and derives the implications for trade policies of the EU and NAFTA.
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