Deregulation and Development in Indonesia

By Farrukh Iqbal; William E. James | Go to book overview
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NOTES
1.
An earlier version of this model (with six regions and ten sectors) was used to analyze the impact of an APEC FTA on regional economies, and assess the costs of excluding individual APEC members from the FTA. See Lewis, Robinson, and Wang (1995).
2.
Our APEC model does not include all current members of APEC. Excluded from our model are the industrial economies of Australia, New Zealand, and Canada, the small Pacific economies of Brunei and Papua New Guinea, and Mexico and Chile in Latin America.
3.
These models, in turn, have built on multi-country models developed to analyze the impact of the Tokyo Round of GATT negotiations—in particular, the multi-country CGE model developed by Whalley (1985). Our model starts from the WALRAS model developed at the OECD to analyze the impact of the current GATT negotiations on the major OECD countries (OECD, 1990) and the RUNS model described in Goldin, Knudsen, and van der Mensbrugghe (1993). See Hinojosa-Ojeda and Robinson (1992) and Brown (1992) for a review of NAFTA CGE models.
4.
The model also permits regional interactions through endogenous migration of capital and labor, but for all experiments presented in this chapter, this feature is not used. See Hinojosa-Ojeda, Lewis, and Robinson (1994) for analysis of a Greater North America Free Trade Area (GNAFTA) using a similar model that includes labor migration.
5.
Social Accounting Matrices are described in Pyatt and Round (1985).
6.
Robinson (1989) surveys CGE models applied to developing countries. Shoven and Whalley (1984) survey models of developed countries. The theoretical properties of this family of trade-focused CGE models are discussed in Devarajan, Lewis, and Robinson (1990). A full presentation of the APEC-CGE model appears in the appendix of this chapter.
7.
De Melo and Robinson (1989) and Devarajan, Lewis, and Robinson (1991) discuss the role of the real exchange rate in this class of model. We fix the exchange rate for the rest of world, thereby defining the international numeraire.
8.
The various export and import externality features can be turned on or off as desired in carrying out model simulations.
9.
Armington (1969) used the specification in deriving import-demand functions, and the import aggregation functions are sometimes called Armington functions. Devarajan, Lewis, and Robinson (1990) discuss in detail the properties of single-country models which incorporate imperfect substitution. Brown (1987) analyzes the implications of using CES import aggregation functions in multi-country trade models. Others have criticized the use of the CES function on econometric grounds. See, for example, Alston et al. (1989).
10.
Hanson, Robinson, and Tokarick (1990) use the AIDS function in their 30-sector single-country CGE model of the United States. They estimate the sectoral import demand functions using time-series data and find that sectoral ex-

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