Multilateral Trade Liberalization and Terms of Trade Volatility

Sèna Kimm Gnangnon ()
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Sèna Kimm Gnangnon: World Trade Organization, Rue de Lausanne 154, CH-1211 Geneva 21, Switzerland

Journal of International Commerce, Economics and Policy (JICEP), 2018, vol. 09, issue 03, 1-21

Abstract: The world has experienced in recent years a rising anti-trade and anti-globalization sentiment, which would likely jeopardize recent efforts by the international trade community, in particular Members of the World Trade Organization (WTO), to promote multilateral trade liberalization (MTP). The current article investigates the impact of MTP on countries’ terms of trade volatility. Results based on a large panel dataset suggest that MTP exerts a significant reducing effect on countries’ terms of trade volatility. However, this impact appears to be dependent on countries’ development level. The take-home message is that greater cooperation on trade matters, including among WTO Members would help promote multilateral trade liberalization, which would surely contribute to reducing terms of trade volatility, for the benefits of all countries, in particular developing economies.

Keywords: Multilateral trade liberalization; terms of trade volatility (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1142/S1793993318500072

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