Devereux, John; Chen, Lein Lein - In: Oxford Economic Papers 47 (1995) 4, pp. 704-13
In this paper, the authors show that the welfare effects of an export promotion zone can be divided into a factor terms-of-trade effect and a volume-of-trade effect. The first effect raises welfare, whereas the second is uncertain. To date, however, the literature has ignored the factor...
