Inefficient stable international trade networks
May, D.E. (2015) Inefficient stable international trade networks. Studies in Microeconomics, 3 (1). pp. 13-34.
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Official URL: https://doi.org/10.1177/2321022215577547
Abstract
A recent study in the area of international trade networks found that global free trade (GFT) is pairwise stable. This finding has led to the conclusion that bilateralism is a building block for GFT. The current article uses an alternative stability concept to show that international networks other than GFT are the only stable networks when governments are politically biased. The main implication of this finding is that the use of bilateral agreements as a political tool to reach GFT can in fact lead to inefficient stable networks.
Item Type: | Article |
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Keywords: | International trade networks, global free trade, strongly pairwise stability, inefficient stable networks |
Divisions: | Food, Land and Agribusiness Management |
Depositing User: | Ms Kath Osborn |
Date Deposited: | 14 Feb 2017 10:25 |
Last Modified: | 23 Jan 2018 14:59 |
URI: | https://hau.repository.guildhe.ac.uk/id/eprint/15275 |
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