Adjustment in the process of trade liberalization: The U.S. and Mexico |
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Affiliation: | 1. Natural Resources and Environmental Research Center, University of Haifa, Israel;2. Department of Economics and Management, The Max Stern Yezreel Valley College, Israel;3. Department of Economics and Management “Marco Fanno”, University of Padua, Italy;4. Fondazione Eni Enrico Mattei (FEEM), Italy;5. Department of Economics and Management, University of Brescia;6. The Max Stern Yezreel Valley College, Israel |
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Abstract: | Although many of the issues in North-American trade liberalization are reminiscent of those faced earlier by Europeans and by the United States and Canada, there are also some non-trivial differences. Divergences in economic structure are more pronounced. They affect the interplay of various sources of welfare gains and costs and are likely to make inter-industry and vertically integrated intra-industry trade more important Non-tariff barriers play a greater role in the present context and the welfare effects of preferntial elimination of quantitative restraints differ in important respect from those of tariffs. A free trade area, for example, which is clearly trade-diverting under tariff liberalization may be trade-creating under quantitative restrictions. |
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