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Do Trade Agreements Reduce the Volatility of Agricultural Distortions? / Olivier Cadot.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Cadot, Olivier.
- Series:
- Other papers
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Agricultural Sector Economics.
- Agricultural Trade.
- Agriculture.
- Consumers.
- Developed Countries.
- Developing Countries.
- Economic Policy.
- Foreign Direct Investment.
- Gdp.
- Insurance.
- Macroeconomic Shocks.
- Political Economy.
- Preferential Trade Agreements.
- Price Volatility.
- Trade Agreements.
- Trade Barriers.
- Trade Policy.
- Trade Protection.
- Treaties.
- Local Subjects:
- Agricultural Sector Economics.
- Agricultural Trade.
- Agriculture.
- Consumers.
- Developed Countries.
- Developing Countries.
- Economic Policy.
- Foreign Direct Investment.
- Gdp.
- Insurance.
- Macroeconomic Shocks.
- Political Economy.
- Preferential Trade Agreements.
- Price Volatility.
- Trade Agreements.
- Trade Barriers.
- Trade Policy.
- Trade Protection.
- Treaties.
- Place of Publication:
- Washington, D.C. : The World Bank, 2009.
- System Details:
- data file
- Summary:
- The objective of this paper is to evaluate the extent to which trade agreements affect agricultural trade policy volatility. Using a new panel database compiled as part of the World Bank's agricultural distortions research project, the author estimate the effect of regionalism on the volatility of price distortions measured by the absolute value of their first differences, averaged, for each country and year, over all agricultural goods. Using an instrumental-variable approach to correct for the endogeneity of regional trade agreements, (RTAs), the author fined that participation in RTAs has a significantly negative effect on agricultural trade-policy volatility. The author find that the World Trade Organization (WTO) agricultural agreement also contributed to reducing agricultural trade-policy volatility, in spite of the weak disciplines involved, but the effect is only weakly identified. The results are robust to a variety of robustness checks and hold, in particular, for the Latin American sub-sample.
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