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Size inequality, coordination externalities and international trade agreements

Author: Nuno Limão; Kamal Saggi; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 17603.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Developing countries now account for a significant fraction of both world trade and two thirds of the membership of the World Trade Organization (WTO). However, many are still individually small and thus have a limited ability to bilaterally extract and enforce trade concessions from larger developed economies even though as a group they would be able to do so. We show that this coordination externality generates  Read more...
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Additional Physical Format: Print version:
Limão, Nuno.
Size inequality, coordination externalities and international trade agreements.
Cambridge, Mass. : National Bureau of Economic Research, ©2011
(DLC) 2011657503
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Nuno Limão; Kamal Saggi; National Bureau of Economic Research.
OCLC Number: 761731018
Notes: Title from http://www.nber.org/papers/17603 viewed Nov. 21, 2011.
"November 2011."
Description: 1 online resource (31 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 17603.
Responsibility: Nuno Limao, Kamal Saggi.

Abstract:

Developing countries now account for a significant fraction of both world trade and two thirds of the membership of the World Trade Organization (WTO). However, many are still individually small and thus have a limited ability to bilaterally extract and enforce trade concessions from larger developed economies even though as a group they would be able to do so. We show that this coordination externality generates asymmetric outcomes under agreements that rely on bilateral threats of trade retaliation. such as the WTO. but not under agreements extended to include certain financial instruments. In particular, we find that an extended agreement generates improvements in global efficiency and equity if it Includes the exchange of bonds prior to trading but not if it relies solely on ex-post fines. Moreover, a combination of bonds and fines generates similar improvements even if small countries are subject to financial constraints that prevent them from posting bonds.

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