Showing 1 - 10 of 155
We assess the impact of U.S. trade policy uncertainty (TPU) toward China in a tractable general equilibrium framework with heterogeneous firms. We show that increased TPU reduces investment in export entry and technology upgrading, which in turn reduces trade flows and real income for consumers....
Persistent link: https://www.econbiz.de/10011083973
We provide theoretical and empirical evidence that policy uncertainty can significantly affect firm level investment and entry decisions in the context of international trade. When market entry costs are sunk, policy uncertainty can create a real option value of waiting to enter foreign markets...
Persistent link: https://www.econbiz.de/10011083993
In this paper we explore the potential gains that a trade agreement (TA) can provide by regulating trade-policy uncertainty, in addition to the more standard gains from reducing the mean levels of trade barriers. We show that in a standard trade model with income-risk neutrality there tends to...
Persistent link: https://www.econbiz.de/10011084554
Since the mid 1980s a substantial amount of research has been undertaken on trade in services. Much of this is inspired by the WTO or regional trade agreements, especially the EU, but an increasing number of papers focus on the impacts of services sector liberalization. This paper surveys the...
Persistent link: https://www.econbiz.de/10005791896
Since the mid-1980s a substantial body of research has taken shape on trade in services. Much of this is inspired by the WTO and regional trade agreements. However, an increasing number of papers focus on the impacts of unilateral services sector liberalization. The literature touches on...
Persistent link: https://www.econbiz.de/10008502579
This paper focuses on developments in the engagement of developing countries in the multilateral trading system in light of the recent re-issue of Robert Hudec’s seminal book, Developing Countries in the GATT Legal System. Starting in the late 1980s, just after Hudec published his book, a...
Persistent link: https://www.econbiz.de/10008854507
negotiations are on average twice as restrictive as actual policy. They will generate no additional market opening. Regulatory … preconditions for future market opening. The second proposal is for a new approach to negotiations in the WTO, with a critical mass …
Persistent link: https://www.econbiz.de/10008784711
The Doha Round must be concluded not because it will produce dramatic liberalization but because it will create greater security of market access. Its conclusion would strengthen, symbolically and substantively, the WTO’s valuable role in restraining protectionism. What is on the table would...
Persistent link: https://www.econbiz.de/10008468640
The contemporary approach to political economy is built around vested interests -- elites, lobbies, and rent-seeking groups which get their way at the expense of the general public. The role of ideas in shaping those interests is typically ignored or downplayed. Yet each of the three components...
Persistent link: https://www.econbiz.de/10011083740
This paper develops the building blocks for a legal theory of finance. LTF holds that financial markets are legally constructed and as such occupy an essentially hybrid place between state and market, public and private. At the same time, financial markets exhibit dynamics that frequently put...
Persistent link: https://www.econbiz.de/10011084310