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Oxford Economic Papers Advance Access originally published online on November 28, 2006
Oxford Economic Papers 2007 59(2):219-225; doi:10.1093/oep/gpl026
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© Oxford University Press 2006 All rights reserved

An enhancement of modern free trade area theory

Earl L. Grinols* and Peri Silva{dagger}

*Hankamer School of Business, Baylor University, One Bear Place #98003, Waco, Texas 76798-8003, USA; e-mail: Earl_Grinols{at}baylor.edu
{dagger}Department of Economics, University of North Dakota, Gamble 290 Centennial Drive, Grand Forks, ND 58202, USA; e-mail: peri.dasilva{at}mail.business.und.edu


  Abstract

This paper constructs a framework for analysing the welfare effects of free trade areas. We provide an alternative verification of the Panagariya-Krishna proposition on free trade areas, shortening the proof, covering a broader set of circumstances, and showing the necessary income flows to guarantee welfare gains to all members. The paper provides a theoretical parallel to the important Kemp and Wan custom union theory.

Key Words: JEL classifications: D6 • F15


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