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Are Bhagwati's arguments against free trade restricted to capital flows ?

Ayouz M., Chabe-Ferret S., Gérard F., Voituriez T.. 2004. In : European Asociation of Agricultural Economists (EAAE). 85th Seminar EAAE on Agricultural development and rural poverty under globalization : asymmetric processes and differentiated outcomes, Florence, September 8-11, 2004. s.l. : s.n., 17 p.. EAAE Seminar. 85, 2004-09-08/2004-09-11, Florence (Italie).

The question we raise is whether Bhagwati's (1998a) arguments against free trade in capital are restricted to capital flows. Arguments are that capital market and capital market only is intrinsically instable and prone to crisis. We assume equivalence relationships between operators and prices behaviour on a given market. Then we comparre the dynamic properties of agricultural and capital markets on an original set of data. Focusing on 22 prices series and 9 behavioural indicators, we find that agricultural markets exhibit similar patterns and behaviours as those stigmatised on capital markets. Some consequences on WTO disciplines are derived in conclusion.

Mots-clés : commerce international; capital; prix; volatilité; omc; marché des produits de base; marché de capitaux; libéralisation des échanges; afrique francophone

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