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dc.contributor.authorAGUR, Itai
dc.date.accessioned2007-10-03T15:29:19Z
dc.date.available2007-10-03T15:29:19Z
dc.date.issued2007
dc.identifier.issn1725-6704
dc.identifier.urihttp://hdl.handle.net/1814/7104
dc.description.abstractThis paper argues that the growing US trade deficit has caused the decline of the WTO and the rise of regional trade agreements. A country in de.cit prefers to retain market power against countries with a large surplus. Multilateral cooperation restricts its choice. This notion is formalized in a three-country game in which countries negotiate multilaterally and, if that fails, bilaterally. The multilateral agreement only holds for su¢ ciently even trade balances. When one country's deficit grows too large, a regionalist equilibrium emerges. A VAR analysis shows that the US trade balance explains over 50% of the variation in regional trade agreements.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherEuropean University Institute
dc.relation.ispartofseriesEUI ECOen
dc.relation.ispartofseries2007/17en
dc.rightsinfo:eu-repo/semantics/openAccess
dc.subjectRegionalismen
dc.subjectRTAen
dc.subjectMultilateralismen
dc.subjectWTOen
dc.subjectTrade balanceen
dc.subjectUS trade deficiten
dc.subjectC72, C73, F13, F32en
dc.titleThe US Trade Deficit, the Decline of the WTO and the Rise of Regionalismen
dc.typeWorking Paperen
dc.neeo.contributorAGUR|Itai|aut|
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