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Common Markets and Trade Liberalization

Costas Hadjiyiannis
The Canadian Journal of Economics / Revue canadienne d'Economique
Vol. 37, No. 2 (May, 2004), pp. 484-508
Published by: Wiley on behalf of the Canadian Economics Association
Stable URL: http://www.jstor.org/stable/3696157
Page Count: 25
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Common Markets and Trade Liberalization
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Abstract

The GATT Rounds show that trade liberalization is essentially a cooperative non-stationary dynamic process. Therefore, the impact of Regionalism on trade liberalization possibly changes over time. I adapt the trade liberalization model of Devereux (1997) to examine how this impact varies. Common markets lead to a one-time shock in immediate tariffs, as well as to a change in their rate of decline. I find that common markets that happen late in the trade liberalization process are more likely to lead to a decline in immediate tariffs. Common markets also increase the rate of decline of tariffs after their formation.

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