1. Toward a theory of policy efficiency / Philippa Dee -- 2. South Asia's economic prospects from global rebalancing and integration / Dipak Dasgupta, Nihal Pitigala and Julien Gourdon -- 3. Comparing structural reforms in India and Pakistan / Ishrat Husain and Rajiv Kumar -- 4. The process of...

This study quantifies the impact of traditional and new age' provisions of preferential trading arrangements (PTAs) on merchandise trade and investment. It does so by estimating gravity models of bilateral trade and investment. It finds that recent and some past PTAs are not as benign as some...