G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7164
DP7164 A Theory of Systemic Risk and Design of Prudential Bank Regulation
Viral Acharya
发表日期2009-02-09
出版年2009
语种英语
摘要This paper shows that the WTO's Article XXIV increases the likelihood of free trade, but may worsen world welfare when free trade is not reached and customs unions (CUs) form. We consider a model of many countries. Article XXIV prevents a CU from raising its common external tariff, which makes CU formation less attractive and explains why free trade is more likely. In an equilibrium where two CUs do form, one is necessarily larger than the other. We show that Article XXIV has a 'composition effect' on CU formation, whereby CUs are (endogenously) less asymmetric in size so more goods are subject to tariff distortions as they move between CUs; thus Article XXIV may be 'bad' for world welfare.
主题International Trade and Regional Economics
关键词Coalition formation game Customs union Protection Trade block Trade liberalization
URLhttps://cepr.org/publications/dp7164
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/535994
推荐引用方式
GB/T 7714
Viral Acharya. DP7164 A Theory of Systemic Risk and Design of Prudential Bank Regulation. 2009.
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