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regional and preferential trade agreements

Pravin Krishna
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

This article discusses analytical developments in the literature on the economics and politics of preferential trade agreements (PTAs). It describes results obtained in the traditional theory that demonstrate the ambiguous welfare outcomes of preferential trade liberalization. Theoretical approaches to designing necessarily welfare-improving PTAs are also discussed. Finally, this article sets out recent analyses in the literature concerning the dynamic expansion of trade blocs, the endogenous determination of policy (relating to preferences within a PTA and to extra-union trade), and the effects of preferential agreements on the multilateral trade system.
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How to cite this article

Krishna, Pravin. "regional and preferential trade agreements." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 22 May 2017 <http://www.dictionaryofeconomics.com/article?id=pde2008_R000246> doi:10.1057/9780230226203.1412

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