By Joseph F. Francois, Clinton R. Shiells
Utilized basic Equilibrium (AGE) versions have confirmed to be the instrument of selection for reading the North American loose exchange contract (NAFTA). This assortment comprises crucial contributions to this burgeoning literature by means of a few of the top practitioners within the box. It additionally includes an intensive study survey, together with comparisons of version dimensions, behavioral good points, information assets, coverage experiments, and major conclusions for coverage. the amount encompasses a variety of methodological advances in AGE modeling of exchange coverage.
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Extra info for Modeling Trade Policy: Applied General Equilibrium Assessments of North American Free Trade
Sample text
Ferrous metals (sector 14) are dominated by returns to labor, which get over ten times the value added accruing to capital in 1988. Value-added ratios in services vary widely, from lows of 42 and 43 percent in the capital-intensive electricity and finance sectors to over 600 percent in construction. Column 7 presents measures of overall trade dependence, and Column 8 lists exports as a share of gross output and imports as a share of total demand. Generally speaking, average sectoral import dependence is greater than export dependence in 1988.
Instead, we assess what can be said about the effects of various elements of NAFTA, what are the important and distinctive results obtained in each of the studies in the present volume, and why these results are important in the context of the policy debate concerning NAFTA. 4. The main conclusions that can be drawn from the large, multisector AGE models of NAFTA are as follows. First, models that incorporate some form of imperfect competition obtain larger impact effects than models that assume perfect competition.
1. Ad valorem tariff rates and tariff equivalents for quotas, based on unit cost comparisons, are used for steel. 2. Ad valorem tariff rates and tariff equivalents for quotas, based on Hong Kong auction prices, are used for textiles and apparel. Note: Brown's model is not included in this table because it is not calibrated to the actual world economy. 1. Liberalization is jointly advantageous to Mexico and the United States, though adverse for third countries. Most gains accrue to Mexico. , welfare gains are magnified by the opportunity to reduce rent transfers to quota-restricted third countries.