Modelling the potential impacts of economic reform in a partnership between Australia and China

Paul Gretton
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Paul Gretton: EABER

Macroeconomics Working Papers from East Asian Bureau of Economic Research

Abstract:

Effective economic reform agendas provide a means for promoting national economic growth, raising living standards and adapting to changes in trading conditions, new technologies and ways of working. Taking as a focus the Australia-China economic relationship, the GTAP model of the global economy is used to project the implications for Australia and China of preferential, unilateral and broader approaches to trade liberalisation, a broad agenda for reform across the services sector and financial market reform. The simulations show that reform strategies based on non-discriminatory trade liberalization and broadly-based concerted domestic reforms are likely to deliver substantive economic benefits and contribute to growth. Agendas that are restrictive, either through preferential deals between trading partners or through a narrow sectoral focus domestically are likely to constrain gains below levels that would otherwise be attainable.

JEL-codes: F1 F3 F4 O4 O5 (search for similar items in EconPapers)
Date: 2016-06
New Economics Papers: this item is included in nep-cmp and nep-int
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