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A distinctive feature of the present wave of economic globalization is that the principle of world-wide arbitrage is increasingly applied to individual components of value added chains, rather than final goods. The result is a phenomenon called outsourcing, or international fragmentation....
Persistent link: https://www.econbiz.de/10009750859
This paper shows how a world price shock can increase the likelihood that democratization must be used to resolve the threat of revolution. Initially, a ruling elite may be able to use trade policy to maintain political stability. But a world price shock can push the country into a situation...
Persistent link: https://www.econbiz.de/10010485531
PTAs are generally negotiated without any tariff concessions or transfers to non-member countries. Can such a PTA benefit the neighbors’ welfare? In a two-good competitive equilibrium model in the absence of an entrepôt, a PTA without concessions to the outside will hurt the outsider’s...
Persistent link: https://www.econbiz.de/10003811034
This paper empirically studies the sizes of agricultural trade costs and productivity variation in the agriculture sector. In a general Ricardian trade model, I identify these two factors as possible causes of the observed low trade intensity of agricultural goods. Using data on bilateral trade...
Persistent link: https://www.econbiz.de/10013109240
With the likely demise of the WTO dispute settlement mechanism as of December 11, 2019, the question arises as to whether regional trade agreement (RTA) dispute settlement mechanisms such as those in the recent US-Mexico-Canada Agreement can provide an acceptable alternative. The paper concludes...
Persistent link: https://www.econbiz.de/10012866813
Globalization disrupted the seemingly solid construction emerged in the aftermath of WW II, called the international trade system. For over fifty years, the system grew constantly thanks to the increasing number of countries that joint it as well as to its ubiquitously-accepted rules. For better...
Persistent link: https://www.econbiz.de/10012157236
This paper begins with a review of the domestic sources of US trade policy and the external influences on that policy. It then examines changes in the external orientation of US manufacturing, focusing in particular on the rapidly spreading phenomenon of offshore production of parts and and...
Persistent link: https://www.econbiz.de/10012774194
This paper shows how a world price shock can increase the likelihood that democratization must be used to resolve the threat of revolution. Initially, a ruling elite may be able to use trade policy to maintain political stability. But a world price shock can push the country into a situation...
Persistent link: https://www.econbiz.de/10013315548
This paper reviews the most significant recent developments in the theory of trade agreements. The paper offers an integrated approach to evaluating trade agreements, and uses the approach to present results on preferential and multilateral trade agreements. The paper identifies also several...
Persistent link: https://www.econbiz.de/10013316371
This paper unpacks the role of the domestic content of imports as a novel source of policy interdependence along the global supply chain. We show how a rise in local contents embodied in imports can skew national trade policy preferences, and pull upstream and downstream countries in asymmetric...
Persistent link: https://www.econbiz.de/10013471205