Customs Union and The Theory of Tariffs

Sven W. Arndt

Chapter 4 in Evolving Patterns in Global Trade and Finance, 2014, pp 59-69 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The standard analytical vehicle of customs union theory consists essentially of a two-commodity, three-country model of the trading world. Within this framework, two of the three countries form the union, while the third “country” comprises the “rest of the world.” The latter is either assumed to contain a single country or, where several economies are involved, these are taken to be perfectly homogeneous, so that differentiation among them is immaterial to the analysis…

Keywords: Preferential Trade Areas; Fragmentation; Cross-Border Production Networks; Off-Shoring; Currency Areas and Monetary Union; Single vs. Dual-Exchange Rate Regimes; Stabilization Policy in Open Economies; International Monetary Relations (search for similar items in EconPapers)
Date: 2014
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