Optimal Trade Policies for a Small Open Economy
AbstractThis paper investigates optimal trade policies for a small open economy with unemployment. When factor prices are rigid, random foreign prices result in random unemployment of resources. The ranking of second-best policies is investigated. If the marginal propensity to consume the importable is positive and nonincreasing in income, the optimal composite tariff dominates the optimal target price, which in turn dominates the optimal quota. Copyright 1993 by The London School of Economics and Political Science.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 60 (1993)
Issue (Month): 240 (November)
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- Ingene, Charles A. & Yu, Eden S. H. & Chao, Chi-Chur, 2004. "The impact of export share requirements under production uncertainty," International Review of Economics & Finance, Elsevier, vol. 13(2), pages 201-215.
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- E. Kwan Choi & Hamid Beladi, 1998. "Welfare Reducing Trade and Optimal Trade Policy," Food and Agricultural Policy Research Institute (FAPRI) Publications 98-wp196, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
- Yoshiyasu Ono, 2006. "Protective Trade Policies 'Reduce' Employment: A Dynamic Optimization Approach," ISER Discussion Paper 0659, Institute of Social and Economic Research, Osaka University.
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