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WTO Exceptions as Insurance

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  • Ronald D. Fischer
  • Thomas J. Prusa

Abstract

The paper formalizes the notion that GATT exceptions such as antidumping and escape clause actions can act as insurance for import competing sectors affected by adverse price shocks. The authors use a general-equilibrium model with several import competing sectors and assume incomplete markets so that agents cannot contract insurance. It is shown that sector-specific contingent protection measures are superior to uniform contingent tariffs as an insurance mechanism. A tax-cum-subsidy policy (i.e., taxing all sectors in order to subsidize the shocked sector) also improves welfare and is superior to contingent protection. Copyright Blackwell Publishing Ltd 2003.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 11 (2003)
Issue (Month): 5 (November)
Pages: 745-757

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Handle: RePEc:bla:reviec:v:11:y:2003:i:5:p:745-757

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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Cited by:
  1. Douglas A. Irwin, 2005. "The Rise of U.S. Antidumping Activity in Historical Perspective," IMF Working Papers 05/31, International Monetary Fund.
  2. Phillip McCALMAN & Frank STÄHLER & Gerald WILLMANN, 2011. "Contingent trade policy and economic efficiency," Center for Economic Studies - Discussion papers ces11.05, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
  3. Meredith Crowley, 2006. "The agreement on subsidies and countervailing measures: tying one's hands through the WTO," Working Paper Series WP-06-22, Federal Reserve Bank of Chicago.
  4. Douglas Irwin, 2004. "The Rise of U.S. Antidumping Actions in Historical Perspective," NBER Working Papers 10582, National Bureau of Economic Research, Inc.
  5. Freund, Caroline & Ozden, Caglar, 2004. "Loss aversion and trade policy," Policy Research Working Paper Series 3385, The World Bank.
  6. Ronald Fischer & Martín Osorio, 2002. "Why Do We Need Antidumping Rules?," Documentos de Trabajo 134, Centro de Economía Aplicada, Universidad de Chile.
  7. Meredith Crowley, 2006. "Why are safeguards needed in a trade agreement?," Working Paper Series WP-06-06, Federal Reserve Bank of Chicago.

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