Ruta, Michele; Venables, Anthony J - C.E.P.R. Discussion Papers - 2012
Natural resources account for 20% of world trade, and dominate the exports of many countries. Policy is used to … (equivalent to trade taxes if no domestic production is possible). We review the literature, and argue that the policy equilibrium … manipulate both international and domestic prices of resources, yet this policy is largely outside the disciplines of the WTO …