Uncovering the sources of the Uruguay Round gains and losses: A welfare decomposition approach
Abstract
An explicit welfare decomposition of the money metric measure of welfare change computed by the GTAP model is developed and applied to provide meaningful explanations for the welfare gains and losses associated with the Uruguay Round Agreement. The welfare impacts estimated by the model are decomposed primarily into terns of trade effects, and the second best effects associated with the pre-existing distortions in the global economy. These second best effects dominate the welfare outcomes for 8 out of 15 regions. The welfare decomposition breaks these regional allocative efficiency effects down by policy instrument and commodity to show the impact of each pre-existing distortion on welfare, given the other distortions and the Uruguay Round package that was simulated.
Degree
Ph.D.
Advisors
Hertel, Purdue University.
Subject Area
Agricultural economics|International law
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