Free Trade, Customs Unions, and Transfers

Hideo Konishi, Carsten Kowalczyk and Tomas Sjostrom
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Carsten Kowalczyk: Fletcher School of Law and Diplomacy, Tufts University

No 568, Boston College Working Papers in Economics from Boston College Department of Economics

Abstract: All countries would agree to immediate global free trade if countries were compensated for any terms-of-trade losses with transfers from countries whose terms-of-trade improve, and if customs unions were required to have no effects on non-member countries. Global free trade with transfers is in the core of a Kemp-Wan-Grinols customs union game.

Keywords: free trade; customs unions; free trade areas; GATT/WTO; multilateralism; transfers (search for similar items in EconPapers)
JEL-codes: F00 F02 F10 F11 F13 F15 (search for similar items in EconPapers)
Date: 2003-07-24
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Citations: View citations in EconPapers (7)

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