The model is based on intertemporal general equilibrium theory with Ramsey-type dynamics. The world economy is fully endogenized within a 9-region specification, with Turkey, EU, Middle East and the Transition Economies constituting as one of the indigenous regions. Our results reveal significant gains from increased bilateral trade between the identified regions, and further underscore the crucial importance of financing commodity trade deficits in sustaining the accumulation patterns. This paper has been prepared for presentation at the Third Annual Conference on Global Economic Analysis to be held in Melbourne, Australia, June 27-30, 2000. Download full-text discussion paper .
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