Common markets and trade liberalization

Costas Hadjiyiannis ()

Canadian Journal of Economics, 2004, vol. 37, issue 2, 484-508

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.

JEL-codes: F02 F15 (search for similar items in EconPapers)
Date: 2004
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