2013 Barriers to Global Free Trade through

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1、ReviewofInternationalEconomics,21(3),536548,2013DOI:10.1111/roie.12053BarrierstoGlobalFreeTradethroughBilateralAgreementsFumiKiyotakiandToshijiMiyakawa*AbstractThispaperexaminestheformationofbilateralfreetradeagreements(FTAs)inthecontextofadynamicnoncooperativebargaininggamewi

2、tharandomproposer.Weshowthatglobalfreetrade(agrandcoali-tion)doesnotnecessarilyoccurunlesstransferpaymentsamongcountriesareallowed.Whentransferpay-mentsarepossible,bilateralFTAsalwaysachieveglobalfreetrade,buttheex-anteandex-postinequalitiesofsocialwelfareamongcountriesarelarg

3、erthanthosewhenallcountriesareindependentbecauseofthestrategicbargainingbehavior.1.IntroductionFreetradeagreements(FTAs)havebecomewidespread.Forexample,theUSAhadenactedFTAswith17countriesby2010.ThenumberofFTAsisgrowingrapidlyinalmosteveryregionoftheworld,andmanyarebilateralagr

4、eementsbetweentwogovernments.ThereasonwhybilateralFTAstendtobeadoptedmoreoftenthancustomunionsisthatFTAsarenotrequiredtoharmonizepoliciesamongasymmetricinsiders.Countriescansettariffsforoutsidersindependentlyandcanreachafurther1bilateralagreementwithanoutsiderwithouttheconsent

5、ofothermembers.FTAsarebecomingmorecommon,butthereisanimportantquestionofwhetherFTAsarebuildingblocsorstumblingblocstomultilateraltradeliberalization.Thispaperdevelopsadynamicnoncooperativegamemodeltoconsiderwhetherthesequentialbilateralcoalitioncanleadtoglobalfreetrade.Weshowt

6、hatglobalfreetrade(thegrandcoalition)isnotnecessarilyformediftransferpaymentsamongcoun-triesarenotallowed,eventhoughglobalfreetradeisefÞcient.Therefore,bilateralFTAscouldbestumblingblocksagainstglobalfreetrade.Moreover,weexaminetheinequalityamongcountries.Weshowthatwhentransfe

7、rpaymentsarepossible,thegrandcoalitionisalwaysformed,buttheex-anteandex-postinequalityamongcoun-triesisexpandedthroughthestrategicbargainingbehavior.Thereareseveralstudiesofthedynamicnoncooperativebargainingmodelsoftradingblocformation.Incontrasttoothermodelsinthenetworkformat

8、ion2literature,thedynamicnoncooperativebargainingmodel(Aghion