Gains from Trade with Overlapping Generations

Murray Kemp and Kar-yiu Wong

Economic Theory, 1995, vol. 6, issue 2, 283-303

Abstract: This paper examines the welfare effects of international trade in a context of overlapping generations. It shows that, for a single trading country, uncompensated free trade may be Pareto inferior to autarky. However, for each government there are compensation schemes which guarantee welfare improvements for all local individuals when free trade is allowed, or when for a small open economy the terms of trade improve or the number of tradable goods increases, or when a customs union is formed.

Date: 1995
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Working Paper: Gains from Trade with Overlapping Generations (1992)
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