Discussion Paper Details

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Title: The Uruguay Round: A Global General Equilibrium Assessment

Author(s): Joseph Francois, Brad McDonald and Håkan Nordström

Publication Date: November 1994

Keyword(s): Agricultural Trade, GATT, Liberalization, MFA and Uruguay Round

Programme Area(s): International Trade and Regional Economics

Abstract: In this paper we provide an economic assessment of the Uruguay Round agreements on tariffs, textiles and clothing, and agriculture, highlighting scale economies, imperfect competition, and dynamic linkages between trade, incomes, and investment. We present estimates of the welfare effects of the individual agreements and their overall impact on different regions in the world. We also provide a decomposition of estimates with respect to various assumptions about model structure. The inclusion of imperfect competition, scale economies, and capital accumulation effects proves to be important, not least for developing countries.

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Bibliographic Reference

Francois, J, McDonald, B and Nordström, H. 1994. 'The Uruguay Round: A Global General Equilibrium Assessment'. London, Centre for Economic Policy Research.