Abstract
WTO was established in 1995 and as many as 36 new members joined WTO until December 2017. Thus it would be interesting to see if new members have committed higher or lower levels of market opening compared to the original members. In this regard, a sophisticated scoring scheme is needed to quantify market opening commitments. After proper econometric model is established for the original members, same model can be applied to the new members for comparison. It was found that new members committed a much higher level of commitment than the original members. In addition, it was also found that transition economies committed higher levels than the non-transition economies. More interesting finding is that among the new members, the larger the economies or the larger the trading volume are, the closer was the level of commitment to the predicted level. Then the question is whether this difference was due to benign neglect by the new members or due to malign select by the original members.
Highlights
It is generally acknowledged that a newly acceding member to any international institutions pays higher cost compared to the original members in order to accede to such an institution
This study analyzes the effects of domestic monetary policy on national income, prices, and won/dollar exchange rates using dynamic stochastic general equilibrium (DSGE), DSGE-VAR, and VAR models based on the open macroeconomic theory
Marginal data density is inversely Ushaped according to the value of μ, and the largest is the case of μ=1.17 In the case of μ=∞, the impulse response results of DSGE and DSGE-VAR are less similar, in contrast with those for the stable period
Summary
It is generally acknowledged that a newly acceding member to any international institutions pays higher cost compared to the original members in order to accede to such an institution. A question arises if those 36 members have committed higher level of market opening compared to the original members. It would be interesting if all commitments including tariff rates and other obligations under the WTO agreements are taken into consideration, but in this paper, the focus will be on the service sector commitments. When reading the market opening commitment by the new members (in the National Schedules of commitment), one cannot avoid noticing that the level of commitment by the new members is comparatively higher than, and widely different from those of the original members. Footnotes should be signaled by superscript numbers and included in the reference list
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