An enhancement of modern free trade area theory
This paper constructs a framework for analysing the welfare effects of free trade areas. We provide an alternative verification of the Panagariya-Krishna proposition on free trade areas, shortening the proof, covering a broader set of circumstances, and showing the necessary income flows to guarantee welfare gains to all members. The paper provides a theoretical parallel to the important Kemp and Wan custom union theory. Copyright 2007 , Oxford University Press.
Year of publication: |
2007
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Authors: | Grinols, Earl L. ; Silva, Peri |
Published in: |
Oxford Economic Papers. - Oxford University Press. - Vol. 59.2007, 2, p. 219-225
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Publisher: |
Oxford University Press |
Saved in:
Online Resource
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