The purpose of this paper is to contrast an Armington-based model with the traditional Heckscher-Ohlin framework familiar to textbook trade theory. The models concentrate on different aspects of the gains from trade, and both have deficiencies. The paper argues that by combining both frameworks,...

A recent Commission Staff Working Paper, based on collaborative research with Groupe d'Economie de Mondiale in Paris, estimates that the Common Agricultural Policy reduces GDP in the European Union, and lowers overall global welfare by about US$45 billion.The Common Agricultural Policy (CAP) of...

China in the Global Economy focuses on the theme of twin transitions occurring in the Chinese economy: the transition from a centrally planned economic system to a market oriented one, and from an agrarian to a modern industrialised society. China's exporters face unprecedented competition in...

Models of the Chinese Economy is an authoritative and comprehensive book which will enable readers to gain a more thorough understanding of this important economy. The authors focus on economic modelling of the current Chinese economy for forecasting and policy simulation purposes.