This paper studies tariff-tax reforms in a calibrated two-region global New Keynesian model composed of a developing and an advanced region. In our baseline calibration, a revenue-neutral reform that lowers tariffs in developing countries can reduce domestic welfare. The reason is that the...

This 2007 Article IV Consultation highlights that real GDP in South Africa grew by 5 percent in 2006 and continued to grow vigorously in early 2007. Growth was driven by strong domestic demand, with private consumption and investment spending supported by continuing robust consumer and business...

This paper provides the first comprehensive empirical analysis of agricultural trade using a gravity model. The data set covers bilateral trade in agricultural goods for 152 countries over the periods 1990-93 and 1999-2002. The estimations support claims that protectionism and distortive...