| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4960 |
| DP4960 Loss Functions in Option Valuation: A Framework for Model Selection | |
| Christian Wolff; Dennis Bams; Thorsten Lehnert | |
| 发表日期 | 2005-03-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | There has been an explosion in the number of preferential trade agreements (PTAs) in the last decade. PTAs are characterized by liberalization with respect to only a few partners and thus, they can potentially clash with and retard multilateral trade liberalization (MTL). Despite this important concern with PTAs, there is almost no systematic evidence on whether they actually affect MTL or not. We model the effect of PTAs on MTL and show that PTAs slow down MTL unless they have a common external tariff and allow for internal transfers. Next, we use detailed data on product-level tariffs negotiated by the European Union in the last two multilateral trade rounds to structurally estimate our model. We confirm the main prediction ? the European Union's PTAs have clashed with its MTL ? and find that the effect is quantitatively significant. Moreover, we also confirm several auxiliary predictions of the model and provide new evidence on the political economy determinants of MTL in the European Union. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Preferential trade agreements Multilateral trade negotiations Mfn tariff concessions |
| URL | https://cepr.org/publications/dp4960 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533859 |
| 推荐引用方式 GB/T 7714 | Christian Wolff,Dennis Bams,Thorsten Lehnert. DP4960 Loss Functions in Option Valuation: A Framework for Model Selection. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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