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Regional and Multiregional Trade Liberalization: The Effects on Trade, Investment and Welfare

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  • McKibbin, W.J.

Abstract

This paper explores the impact on economies of trade liberalization under alternative regional and multilateral arrangements: unilateral liberalization; liberalization as part of the ASEAN regional grouping; liberalization as part of the APEC regional grouping; or liberalization as part of a multilateral trade liberalization regime. The paper is based on a Dynamic Intertemporal General Equilibrium model (DIGEM) called the Asia-Pacific G-Cubed Model. It is shown that the long run gains from a country's own liberalization tend to be large relative to the gains from other countries liberalizing although this varies across countries.

Suggested Citation

  • McKibbin, W.J., 1997. "Regional and Multiregional Trade Liberalization: The Effects on Trade, Investment and Welfare," Papers 134, Brookings Institution - Working Papers.
    • Handle: RePEc:fth:brooki:134
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    Citations

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    Cited by:

    1. Coyle, William T. & Wang, Zhi, 1998. "Open Regionalism In Apec: Impacts On U.S. Agriculture And Trade," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20981, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    2. Warwick J. McKibbin & K. K. Tang, 2000. "Trade and Financial Reform in China: Impacts on the World Economy," The World Economy, Wiley Blackwell, vol. 23(8), pages 979-1003, August.
    3. Innwon Park, 2009. "Regional Trade Agreements in East Asia: Will They Be Sustainable?," Asian Economic Journal, East Asian Economic Association, vol. 23(2), pages 169-194, June.
    4. Innwon Park, 2006. "East Asian Regional Trade Agreements: Do They Promote Global Free Trade?," Pacific Economic Review, Wiley Blackwell, vol. 11(4), pages 547-568, December.
    5. Warwick McKibbin & Jong-Wha Lee & Inkyo Cheong, 2004. "A dynamic analysis of the Korea-Japan free trade area: simulations with the G-cubed Asia-Pacific model," International Economic Journal, Taylor & Francis Journals, vol. 18(1), pages 3-32.
    6. Coyle, William T. & McKibbin, W. J. & Wang, Zhi, 1998. "The Asian Financial Crisis: Effects on U.S. Agriculture," Staff Reports 278832, United States Department of Agriculture, Economic Research Service.
    7. Michael A. Kouparitsas, 1998. "Dynamic trade liberalization analysis: steady state, transitional and inter-industry effects," Working Paper Series WP-98-15, Federal Reserve Bank of Chicago.

    More about this item

    Keywords

    TRADE LIBERALIZATION;

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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