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Author: | Bond, E.W. Park, J-H. |
Title: | Gradualism in trade agreements with asymmetric countries |
Journal: | Review of Economic Studies
2002 : APR, VOL. 69:2(239), p. 379-406 |
Index terms: | Free trade Trade agreements |
Freeterms: | Countries by size |
Language: | eng |
Abstract: | This paper uses recursive methods to characterize the payoff frontier of self-enforcing trade agreements between countries of asymmetric size. The authors show that at points on the frontier where only one country's incentive constraint binds, the efficient agreement will be a non-stationary one that starts with a positive trade distortion but eventually reaches free trade. |
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