We show that the Kemp-Wan proposition concerning the formation of customs union holds under conditions of imperfect competition and increasing returns.

The theory of involuntary international transfers (war indemnities) has been constructed on the assumption that the donor and recipient are completely indifferent to each other's well-being. The assumption is hard to justify since usually the transfers closely follow periods during which the...

When can a country be said to benefit from free trade?This question has obsessed economists for more than 200 years, and a definitive answer has never been provided. Continuing the influential work begun in The Gains from Trade and the Gains from Aid, (Routledge 1995), Murray Kemp here presents...

This volume addresses profound issues in international economics, with contributions from leading researchers on the implications of trade. Empirical studies address preferential trading arrangements, global imbalances and exchange rates, facilitating an understanding of how the economy...