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This book explores the economic impact of two major mid-nineteenth century reforms: the formation of the customs union between Austria and Hungary and the emancipation of the peasantry.Originally published in 1983.The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.

Austria -- Economic conditions -- 19th century. --- Customs unions -- History -- 19th century. --- Hungary -- Economic conditions -- 19th century. --- Customs unions --- Free trade areas --- Tariff unions --- Commercial policy --- International economic integration --- Second best, Theory of --- Tariff --- History --- Austria --- Hungary --- Economic conditions

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Foreign trade policy --- Commercial treaties --- Customs unions --- Free trade --- -Europe Europa --- Economie Economie --- Commerce Handel --- Douanes Douane --- Relations économiques internationales Internationale economische betrekkingen --- Lois Wetten --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Free trade areas --- Tariff unions --- Commercial policy --- International economic integration --- Second best, Theory of --- Tariff --- Trade agreements (Commerce) --- Competition, International --- Foreign trade regulation --- Treaties --- Reciprocity (Commerce) --- European Union countries --- -EU countries --- Euroland --- Europe --- Economic integration --- Commercial treaties. --- Customs unions. --- Free trade. --- -Economic integration --- Europe Europa --- Economic integration.

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With free trade areas (FTAs) under negotiation between Japan and the ASEAN Free Trade Area (AFTA) members and between the Republic of Korea and AFTA members, preferential market access will become more important in Asian regionalism. Protectionist pressures will likely increase through rules of origin, the natural outlet for these pressures. Based on the experience of the European Union and the United States with rules of origin, the authors argue that, should these FTAs follow in the footsteps of the EU and the U.S. and adopt similar rules of origin, trading partners in the region would incur unnecessary costs. Using EU trade under the Generalized System of Preferences with Africa, Caribbean, and Pacific partners, the authors estimate how the use of preferences would likely change if AFTA were to veer away from its current uniform rules of origin requiring a 40 percent local content rate. Depending on the sample used, a 10 percentage point reduction in the local value content requirement is estimated to increase the utilization rate of preferences by between 2.5 and 8.2 percentage points.

Agricultural Products --- Economic Theory and Research --- External Tariff --- Free Trade --- Free Trade Area --- Free Trade Areas --- International Economics & Trade --- International Trade and Trade Rules --- Law and Development --- Macroeconomics and Economic Growth --- Preferential Market Access --- Preferential Trade --- Preferential Trade Agreements --- Protectionist Pressures --- Public Sector Development --- Regional Integration --- Regional Trade --- Regionalism --- Rules of Origin --- Tariff Classification --- Tariff Reductions --- Tariff Revenue --- Trade and Regional Integration --- Trade Deflection --- Trade Law --- Trade Policy --- Volume of Trade --- World Trading System

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August 1999 - Adherents of the natural trading partner hypothesis argue that preferential trade agreements are more likely to improve welfare if participating countries already trade disproportionately with each other. Opponents argue the opposite. Neither side is right. The hypothesis holds up only if two countries are natural trading partners in the sense that one country tends to import what the other exports. Adherents of the natural trading partner hypothesis argue that preferential trade agreements (PTAs) are more likely to improve welfare if participating countries already trade disproportionately with each other. Opponents of the hypothesis claim that the opposite is true: welfare gains are likely to be greater if participating countries trade less with each other. Schiff shows that neither analysis is correct. The natural trading partner hypothesis can be rescued if it is redefined in terms of complementarity or substitutability in the trade relations of countries, rather than in terms of their volume of trade. Schiff asks not whether a country should form or join a trading bloc but which partner or partners it should select if it does join such a bloc. He shows that the pre-PTA volume of trade is not a useful criterion for selecting a partner. The pre-PTA volume is equal to zero if the partner is an importer of the good sold to the home country and it is indeterminate if the partner is an exporter of that good. Among Schiff's conclusions: The home country is better off with a large partner country. First, a large partner is more likely to satisfy the home country's import demand at the world price. Second, the home country is likely to gain more on its exports to a large partner country, because that partner is likely to continue importing from the world market after formation of the trading bloc. And since the partner charges a tariff on imports from the world market, the home country is more likely to improve its terms of trade by selling to the partner at the higher tariff-inclusive price if the partner is large; The PTA as a whole is likely to be better off if each country imports what the other exports (rather than each country importing what the other imports). Losses are similar but less likely, while gains are both more likely and the same or larger. This paper - a product of Trade, Development Research Group - is part of a larger effort in the group to understand the economics of regional integration. The author may be contacted at mschiff@worldbank.org.

Currencies and Exchange Rates --- Customs Unions --- Economic Theory and Research --- Emerging Markets --- External Trade --- Finance and Financial Sector Development --- Free Trade --- Free Trade Agreements --- Free Trade Areas --- International Economics & Trade --- International Trade --- Law and Development --- Macroeconomics and Economic Growth --- Markets and Market Access --- Perfect Competition --- Preferential Trade --- Preferential Trade Agreement --- Private Sector Development --- Public Sector Development --- Regional Integration --- Regional Trade --- Tariff --- Tariff Revenues --- Trade --- Trade and Regional Integration --- Trade Creation --- Trade Diversion --- Trade Law --- Trade Policy --- Transport Costs --- Volume Of Trade --- World Trade

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This paper reviews the theoretical and empirical literature on regionalism. The formation of regional trade agreements has been, by far, the most popular form of reciprocal trade liberalization in the past 15 years. The discriminatory character of these agreements has raised three main concerns: that trade diversion would be rampant, because special interest groups would induce governments to form the most distortionary agreements; that broader external trade liberalization would stall or reverse; and that multilateralism could be undermined. Theoretically, all of these concerns are legitimate, although there are also several theoretical arguments that oppose them. Empirically, neither widespread trade diversion nor stalled external liberalization has materialized, while the undermining of multilateralism has not been properly tested. There are also several aspects of regionalism that have received too little attention from researchers, but which are central to understanding its causes and consequences.

Consumer prices --- Customs unions --- Economic Theory & Research --- External tariff --- External tariffs --- External trade --- Free Trade --- Free trade --- Free trade areas --- International Economics and Trade --- Law and Development --- Macroeconomics and Economic Growth --- Multilateral liberalization --- Openness --- Regional Trade --- Regional Trade Agreements --- Regionalism --- Trade agreement --- Trade and Regional Integration --- Trade creation --- Trade diversion --- Trade Law --- Trade liberalization --- Trade patterns --- Trade policies --- Trade Policy --- World Trade --- World Trade Organization