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Trade, Product Variety and Welfare: A Quantitative Assessment for the Transition Economies in Central and Eastern EuropeMichael FunkeUniversity of Hamburg - Department of Economics and Business Administration; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Ralf RuhwedelUniversity of Hamburg December 30, 2003 BOFIT Discussion Paper No. 17/2003 Abstract: We calculate welfare gains of trade liberalization in the Central and East European transition economies, following the approach of Romer (1994), who emphasized that proper modeling of the impact of trade restrictions on the number of available product varieties is crucial to quantifying the welfare impact of trade liberalization. The empirical work relies on direct measures of product variety calculated from 5-digit trade data. Although the issue is far from settled, the emerging conclusion is that freer trade has boosted welfare.
Number of Pages in PDF File: 24 Keywords: trade liberalization, product variety, welfare, transition economies JEL Classification: D60, F14, F15 working papers seriesDate posted: September 19, 2007Suggested CitationContact Information
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