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Free
Trade Area and Welfare: Is A Bigger Trade Diversion More Detrimental? |
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Juyoung Cheong and Kar-yiu
Wong |
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Working Paper |
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Kar-yiu Wong(¤ý®aÆk) |
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This paper analyzes how the welfare of a member country
is affected by the formation of a new FTA. In particular, we examine whether
a change in a member country¡¦s welfare is related to the volume of trade
diverted from a non-member country to another member country. It has been
long and widely believed that a bigger trade volume diverted from a
non-member country to another member country is an indication that the
welfare of country has been deteriorated to a greater extent. This assumption
can be traced back to Viner (1950), and has been
used in many empirical studies and policy recommendations. This paper
investigates the validity of this assumption. We show that this assumption is
not necessarily true, espically if imperfect
competition exists in trade. Our result do not support |
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