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A General Equilibrium Assessment of the Economic Impact of Deep Trade Agreements / Lionel Fontagne.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Fontagne, Lionel.
- Series:
- Policy research working papers.
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Deep Integration.
- Deep Trade Agreement.
- General Equilibrium Model.
- International Economics and Trade.
- International Trade and Trade Rules.
- Preferential Trade Agreements.
- Structural Gravity.
- Trade and Regional Integration.
- Trade Liberalization.
- Trade Policy.
- Local Subjects:
- Deep Integration.
- Deep Trade Agreement.
- General Equilibrium Model.
- International Economics and Trade.
- International Trade and Trade Rules.
- Preferential Trade Agreements.
- Structural Gravity.
- Trade and Regional Integration.
- Trade Liberalization.
- Trade Policy.
- Physical Description:
- 1 online resource (35 pages)
- Place of Publication:
- Washington, D.C. : The World Bank, 2021.
- System Details:
- data file
- Summary:
- This paper explores the economic impacts of preferential trade agreements, focusing on the provisions they contain, beyond phasing out tariffs. Clustering 278 preferential trade agreements based on 906 provisions grouped into 18 policy areas, three clusters are obtained for which a trade elasticity to preferential trade agreement is estimated using structural gravity. A series of full general equilibrium counterfactual situations for endowment economies is simulated, revealing the economic impacts of deepening existing trade agreements and signing new ones-that is, the intensive and extensive margins of preferential trade agreements. The paper illustrates the method with a general deepening of existing preferential trade agreements worldwide. Focusing on the examples of the Latin America and the Caribbean and East Asia and Pacific regions, the paper shows that deepening preferential trade agreements leads to higher trade and welfare effects than signing new ones.
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