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Abstract Despite the widely accepted view that liberal, outward-oriented trade policies are superior to restrictive, inward-oriented policies, doubts about liberalization remain strong in many circles. One reason for such doubt is the dearth of research quantifying the large gains that liberal...
Abstract Although many countries have adopted freer trade regimes or are in the process of reforming quantitative restrictions, such reforms are not without shortterm costs. Sudden removal of quantitative restrictions can release a surge of demand for imports that can deplete foreign exchange...
Abstract Recently a number of commentators have argued that trade policy in developing countries should be deployed discriminatorily to encourage the expansion of trade among southern countries. Such a strategy is seen as being central in the framing of a new international economic order. This...
Abstract This article analyzes the sovereign defaults of the 1930s and reports nine major findings. (1) There is little evidence that financial markets of the 1930s were unsophisticated or that banks have a comparative advantage over the bond market in processing information. (2) Debt default in...
Abstract Policy changes in the European Community (EC)—the world's largest importer and, since 1986, exporter of agricultural commodities—may have significant effects on world markets and developing countries. This article investigates the EC's Common Agricultural Policy (CAP), its history, mode...
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