search query: @indexterm FREE TRADE / total: 286
reference: 19 / 286
| Author: | Kemp, M.C. |
| Title: | International trade without autarkic equilibria |
| Journal: | Japanese Economic Review
2003 : DEC, VOL. 54:4, p. 353-360 |
| Index terms: | Free trade International trade |
| Freeterms: | Autarkic equilibria |
| Language: | eng |
| Abstract: | It is possible that wealthy trading countries nevertheless have no autarkic equilibria. However, if a country has no autarkic equilibrium, the offer curve of that country may consist of disjoint segments, which implies that a worldwide trading equilibrium does not always exit, that international exchanges do not always take place in equilibrium, and therefore that econometric estimates of the structure of open economies must be viewed with scepticism. This article provides conditions that are necessary and sufficient for the existence of a worldwide free-trade equilibrium and for the existence of gains from free trade for individual countries. |
SCIMA