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The Economics of Voluntary Export Restraint Agreements

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  • Pomfret, Richard

Abstract

The three substantive sections of this survey deal with the economic consequences of voluntary export restraint agreements (VERs), e.g. the Multi-Fibre Arrangement and VERs on Japanese auto exports. Section 2 focuses on the disposition of quota rents under the assumptions of perfectly competitive markets and the absence of substitute suppliers. Section 3 considers imperfect competition and the role of VERs as cartelization instruments, facilitating collusion. Section 4 analyzes the discriminatory effects of VERs when there are third country suppliers. A broad conclusion is that the economic consequences of VERs are more complex than the standard trade policy analysis based on tariffs because of the issues discussed in Sections 3 and 4. Copyright 1989 by Blackwell Publishers Ltd

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Economic Surveys.

Volume (Year): 3 (1989)
Issue (Month): 3 ()
Pages: 199-211

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Handle: RePEc:bla:jecsur:v:3:y:1989:i:3:p:199-211

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804

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Cited by:
  1. Klaus, WAELDE & Christina, WOOD, 2004. "The Empirics of Trade and Growth : Where are the Policy Recommendations ?," Discussion Papers (IRES - Institut de Recherches Economiques et Sociales) 2004013, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  2. Calzolari, Giacomo & Lambertini, Luca, 2007. "Export restraints in a model of trade with capital accumulation," Journal of Economic Dynamics and Control, Elsevier, vol. 31(12), pages 3822-3842, December.
  3. De Santis, Roberto A., 1997. "Why exporting countries agree voluntary export restraints: The oligopolistic power of the foreign supplier," Kiel Working Papers 841, Kiel Institute for the World Economy.

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