Reciprocal Trade Agreements: Impacts on Bilateral Trade Expansion and Contraction in the World Agricultural Marketplace

Abstract

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Is the growth of regionalism as significant as the headlines suggest? Lessons from agricultural trade

“…Consistent with previous studies the results reveal that the average RTA significantly increases members' agricultural trade (Grant and Lambert 2008;Vollrath and Hallahan 2011).…”

“…Lambert and McKoy (2009) report a 153 and 101 percent increase in agriculture and food-based trade, respectively. Equally impressive RTA effects have been documented in Vollrath and Hallahan (2011), Sun and Reed (2010), Karemera and Koo (2007), Vollrath, Hallahan and Gelhar (2009), Jayasinghe and Sarker (2008), and Sarker and Jayasinghe (2007).…”

Disaggregated trade and disaggregated currency unions: a ranking of common currency effects

“…Nonetheless, applications of Anderson and van Wincoop () in the second, empirical strand often replace aggregate trade as the dependent variable with a “finer classification” of trade. This “finer classification” has often been agricultural trade (e.g., see Lambert and McKoy, ; Vollrath and Hallahan, ; Villoria, ; Philippidis et al., ; and Grant, ). Rauch () examines a wider array of goods by disaggregating tradables according to market characteristics of the goods: “[goods] traded on organized exchanges, [goods] not traded on organized exchanges but nevertheless possessing … ‘reference prices’, and all other commodities,” (p. 8).…”

International Trade Implications of Highly Pathogenic Poultry Disease Events

“…In response to these shortcomings of the gravity model of trade, a general form was proposed by Anderson and van Wincoop (2003) to account for multilateral resistance between trading partners. The general form of the gravity model uses partner binary variables to capture the heterogeneity between trading partners without explicitly defining the cultural, political, and economic factors that may influence trade, including binary variables that account for cultural and economic heterogeneity as well as changes in price of the imported good over time (Vollrath and Hallahan 2011). By generalizing the gravity model, the specified nuances from the original model are reduced to country-specific effects which are tractable and provide a robust analysis for works focused on the impacts of exogenous trade shocks.…”