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Maggi, Giovanni. 1999. "The Role of Multilateral Institutions in International Trade Cooperation."
,
89(1): 190-214.
Show Article Details
DOI: 10.1257/aer.89.1.190
Abstract:The World Trade Organization (WFO) lacks the power to directly enforce agreements. It is, therefore, important to understand what role the WTO can play to facilitate international cooperation and whether a multilateral institution can offer distinct advantages over a web of bilateral agreements. This paper examines two potential benefits of a multilateral trade institution: first, verifying violations of the agreements and informing third parties, thus facilitating multilateral reputation mechanisms; second, promoting multilateral trade negotiations rather than a web of bilateral negotiations. The model suggests that a multilateral approach is particularly important when there are strong imbalances in bilateral trading relationships.
Authors:
Maggi, Giovanni (Princeton U)
JEL Classifications:
F13: Trade Policy; International Trade Organizations
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