Studies in Literature and the Humanities

Whalley, George

doi:10.1007/978-1-349-07777-9

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2007

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“…Therefore, it should be kept in mind that the results are only suggestive. Clearly, the next step is to move towards more sophisticated and realistic underlying models of the world economy of the kind developed by Whalley (1985). Nevertheless, even though the policy analysis is based around Cournot competition, and strong assumptions are made about functional forms, the results seem intuitively plausible, and may be indicative of a general driving force towards regionalism for which there appears to be substantial evidence.…”

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confidence: 99%

Why are Trade Agreements Regional?

Zissimos

2007

SSRN Journal

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This paper shows how distance may be used to coordinate on a unique equilibrium in which trade agreements are regional. Trade agreement formation is modeled as coalition formation. In a standard trade model with no distance between countries, a familiar problem of coordination failure arises giving rise to multiple equilibria; any one of many possible trade agreements can form. With distance between countries, and through strategic interaction in tariff setting, regional trade agreements generate larger rent-shifting effects than non regional agreements, which countries use to coordinate on a unique equilibrium. Under naive best responses, regional agreements give way to free trade.

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confidence: 99%