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Quantifying the Impact of the WTO on Kuwait Graduate Theses, Dissertations, and Problem Reports 2002 Quantifying the impact of the WTO on Kuwait Reyadh Y. Faras West Virginia University Follow this and additional works at: https://researchrepository.wvu.edu/etd Recommended Citation Faras, Reyadh Y., "Quantifying the impact of the WTO on Kuwait" (2002). Graduate Theses, Dissertations, and Problem Reports. 1673. https://researchrepository.wvu.edu/etd/1673 This Dissertation is protected by copyright and/or related rights. It has been brought to you by the The Research Repository @ WVU with permission from the rights-holder(s). You are free to use this Dissertation in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you must obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Dissertation has been accepted for inclusion in WVU Graduate Theses, Dissertations, and Problem Reports collection by an authorized administrator of The Research Repository @ WVU. For more information, please contact [email protected]. Quantifying the Impact of the WTO on Kuwait Reyadh Faras Dissertation submitted to the College of Business and Economics at West Virginia University in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Economics Subhayu Bandyopadhyay, Ph.D., Chair Ronald Balvers, Ph.D. Stratford Douglas, Ph.D. Ming Hwang, Ph.D. Ali Mansour, Ph.D. Department of Economics Morgantown, West Virginia 2002 Keywords: Kuwait, WTO, International Trade, Welfare Copyright 2002 Reyadh Faras ABSTRACT Quantifying the Impact of the WTO on Kuwait Reyadh Faras The major contribution of this study is to quantify the economic impact of Kuwait’s membership in the World Trade Organization (WTO) on supply, demand, welfare and terms of trade. A general equilibrium international trade model is used to obtain quantitative results. The model is theoretically static and based on the assumptions of perfect competition and constant returns to scale. However, it was estimated and simulated dynamically. After specifying the model theoretically it is estimated empirically by linearizing the supply and demand equations that were obtained from solving the model analytically. The estimated model is used in a number of simulation exercises in each one a given agreement is analyzed and economic effects are measured. The simulation exercises gave a number of results. First, the agreement on tariff reduction has a very small (positive) effect on Kuwait because tariff rates are already low, making any reductions to have insignificant effects. Second, the antidumping agreement has a larger (negative) effect since it corresponds to higher increase in the price of the importable good. Third, the decline in the world’s price of the importable good as a result of globally implementing the WTO agreements has opposite effects but of the same magnitude to those of the antidumping agreement. Finally, the agreement on government procurement has the least effects since it increases exports only. TABLE OF CONTENTS Page List of Tables ......................................................................................................................v List of Figures .................................................................................................................... vi CHAPTER (1): INTRODUCTION 1.1 Significance of the Study ..............................................................................................1 1.2 Methodology and Objectives .........................................................................................2 1.3 Organization of the Study ..............................................................................................4 CHAPTER (2): LITERATURE REVIEW Introduction....................................................................................................................5 2.1 Theory of International Trade........................................................................................6 2.2 Theory of Protection ....................................................................................................10 2.3 General Equilibrium Models........................................................................................11 2.3.1 General Equilibrium Models Vs. Partial Equilibrium Models ...........................13 2.3.2 General Equilibriu15m Models Vs. Macroeconometric Models........................14 2.4 Welfare Economics......................................................................................................15 2.4.1 The Balance of Trade Function...........................................................................17 2.4.2 Direct Welfare Evaluation ..................................................................................19 2.5 The World Trade Organization (WTO) .......................................................................21 2.5.1 History of the WTO ............................................................................................21 2.5.2 The WTO Agreements........................................................................................22 2.5.3 Empirical Assessment.........................................................................................25 2.5.3.1 The Costs of Protection..............................................................................25 2.5.3.2 The Gains from Liberalization...................................................................29 2.6 The Economy of Kuwait..............................................................................................32 2.6.1 The Gross Domestic Product ..............................................................................32 2.6.2 International Trade..............................................................................................33 2.6.3 Summary of the Data .........................................................................................35 CHAPTER (3): THE MODEL Introduction ...............................................................................................................36 3.1 The Model ....................................................................................................................37 3.1.1 The Firm ............................................................................................................39 3.1.2 The Household ...................................................................................................48 3.1.3 The Government ...............................................................................................55 3.1.4 Trade .................................................................................................................57 iii 3.1.5 Equilibrium Conditions ......................................................................................59 3.2 Trade With Tariffs .....................................................................................................60 3.3 Economic Effects of Tariffs .......................................................................................63 3.3.1 The Balance of Trade Function .........................................................................65 3.3.2 Direct Welfare Evaluation ................................................................................69 3.4 Economic Effects of Other WTO Agreements ..........................................................72 CHAPTER (4): ESTIMATION Introduction .................................................................................................................76 4.1 Data ……….................................................................................................................77 4.1.1 Length ...............................................................................................................77 4.1.2 Depth ..................................................................................................................78 4.1.3 Reliability ..........................................................................................................80 4.2 Estimating the Model .................................................................................................81 4.2.1 Production .........................................................................................................84 4.2.2 Consumption .....................................................................................................86 4.2.3 Demand for Capital ...........................................................................................88 4.2.4 Demand for Labor .............................................................................................89 4.3 Welfare Loss ............................................................................................................. 92 4.3.1 EV in Money Metric .........................................................................................93 4.3.2 EV as Share of GDP .........................................................................................95 CHAPTER (5): SIMULATION Introduction ................................................................................................................96 5.1 Tariff Reduction Agreement ......................................................................................97 5.1.1 Effects on Supply and Demand .........................................................................97 5.1.2
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