Societal theories of trade policy stress the importance of domestic interest groups, whereas statist theories focus on the effects of domestic institutions. Debates over the relative merits of these approaches have been fierce, but little systematic empirical research has been brought to bear on the relative merits of these theories. In this paper, we argue that, while societal and statist fact...

The main objective of this research is to analyze the impact of oil price volatility on the economic growth of Pakistan. Secondary data from 1973 to 2011 were used to estimate the coefficients. Linear Regression analysis is used to analyze the dependency among the dependant and independent variables. All variable Oil price, Oil supply, oil demand, Gross Domestic production, Public sector invest...

Foreign direct investment (FDI) and trade are often seen as important catalysts for economic growth in the developing countries. FDI is an important vehicle of technology transfer from developed countries to developing countries. FDI also stimulates domestic investment and facilitates improvements in human capital and institutions in the host countries. International trade is also known to be a...

Background Negotiations surrounding the Trans-Pacific Partnership (TPP) trade and investment agreement have recently concluded. Although trade and investment agreements, part of a broader shift to global economic integration, have been argued to be vital to improved economic growth, health, and general welfare, these agreements have increasingly come under scrutiny for their direct and indirect...

One of the most striking aspects of the recent recession is the collapse in international trade. This paper uses disaggregated data on U.S. imports and exports to shed light on the anatomy of this collapse. The paper finds that the recent reduction in trade relative to overall economic activity is far larger than in previous downturns. Information on quantities and prices of both domestic absor...

A collapse in international trade following the 2007-08 crisis has underscored many dangers of globalization and renewed interest in trade protectionism, one form of which is import quotas. The analysis of import quotas is predominantly based on a static model, which is unable to capture the fact that a quota is imposed over a period of time. This article develops a continuous-time model that i...

Two of the main puzzles in international economics are the consumption and the portfolio home biases. They are empirically related: countries that are more open to trade also have more internationally diversified portfolios. In a two-country stochastic equilibrium model, I prove that introducing trade costs in goods market alone, as suggested by Obstfeld and Rogoff [2000], is not sufficient to ...

Consequences of the WTO ruling on the Brazilian cotton case for commodities in the U.S. in addition to cotton are of concern. This paper uses the global GTAP model to provide a preliminary assessment of the consequences for U.S. rice if the ruling had applied in 2001. Two scenarios are estimated with a 36% and 100% elimination in the PSE on U.S. rice in 2001. The results show that if loan defic...

this paper examines the effects of agricultural land productivity improvement on the economy of iran assuming that the domestic and international trade liberalizations will open up the opportunities to expand market access. a 25-sector computable general equi-librium model was developed to simulate the effects of this policy. the simulation results indicate that enhancing agricultural land prod...

This paper proposes a procedure to incorporate the conjectural variation approach in Computable General Equilibrium (CGE) analysis such that the strategic interaction among rival firms in international markets can be modelled. It shows how to calibrate the conjectured reactions of rival domestic and foreign firms. It also shows that the approach suggested by Harrison, Rutherford and Tarr (hence...