Journal
OPEN ECONOMIES REVIEW
Volume 27, Issue 3, Pages 561-584Publisher
SPRINGER
DOI: 10.1007/s11079-015-9385-5
Keywords
GATT; WTO; Trade; Gravity model; Extensive margin; Intensive margin
Categories
Funding
- Ministerio de Economia y Competitividad [ECO2012-38040]
- Generalitat Valenciana [PROMETEOII/2014-053]
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The empirical literature on the effect of the GATT/WTO on trade provides ambiguous results. This paper sheds new light on this issue by re-examining the ex post (partial) effect of GATT/WTO membership on trade using multiple econometric specifications of the gravity equation and analysing several potential asymmetries of the GATT/WTO system. Our results show an uneven but pervasive evidence that membership in GATT/WTO have had an economically significant effect on members' bilateral trade. Moreover, we find that the GATT/WTO effect operates through both trade margins but mainly through the intensive margin.
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