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, calling for more "reciprocity". These calls raise the question how large the negative spillover effects of countries' tariffs … of tariffs and (ii) explore possible tariff liberalization rules and their economic effects, employing the WTO Global … Trade Model. We measure the spillover effects of tariffs by the export or terms of trade losses incurred by trading partners …
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Financial intermediaries may increase economic efficiency through intertemporal risk smoothing. However without an adequate regulation, intermediation may fail to do this. This paper studies the effects of a production shock in a closed economy and compares abilities of market-based and...
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We explore a global carbon pricing framework to inform the potential coordination of carbon pricing and equivalent policies. The framework has three main features aligning with the current multilateral system for climate action. First, the carbon price is determined by a global average carbon...
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