This paper provides a comprehensive evaluation of the welfare impact of GATT/WTO in its entire history of 1950-2015 for 180 countries. The analysis embeds nonparametric matching methods in structural quantitative simulations. The results indicate substantial (but highly heterogeneous) welfare gains created by GATT/WTO at the global level and across more than six decades of its history. An extensive set of robustness checks with respect to model specifications, parameter values, and matching estimations are provided. We also characterize the effects of GATT/WTO on global income disparity, its interaction with preferential trade agreements, and the effects of China's WTO entry.
Economics | Economic Theory | Growth and Development
CHANG, Pao-Li and JIN WEI.
The GATT/WTO welfare effects: 1950–2015. (2017). Research Collection School Of Economics.
Available at: http://ink.library.smu.edu.sg/soe_research/1957
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