This volume addresses profound issues in international economics, with contributions from leading researchers on the implications of trade. Empirical studies address preferential trading arrangements, global imbalances and exchange rates, facilitating an understanding of how the economy...

Conditions sufficient for factor price equalization within any non-trivial subset of trading countries are provided. The conditions are that (a) the factor endowment ratios of countries in the subset are all bounded by the factors-in-use ratios in an equilibrium of the hypothetical world economy...

PTAs are generally negotiated without any tariff concessions or transfers to non-member countries. Can such a PTA benefit the neighbors' welfare? In a two-good competitive equilibrium model in the absence of an entrepôt, a PTA without concessions to the outside will hurt the outsider's welfare...

PTAs are generally negotiated without any tariff concessions or transfers to non-member countries. Can such a PTA benefit the neighbors’ welfare? In a two-good competitive equilibrium model in the absence of an entrepôt, a PTA without concessions to the outside will hurt the outsider’s...