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Tariffs, Quotas, and Voluntary Export Restraints with and without Internationally Mobile Capital

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  • Peter Neary

Abstract

This paper presents a general framework for comparing the effects of tariffs, quotas, and voluntary export restraints both with and without international capital mobility. Expressions for the shadow price of foreign exchange and the shadow price of capital under each type of trade restriction are derived, an d it is shown that, although international capital mobility raises the welfare cost of tariff protection, it lowers the welfare cost of quantitative restrictions. In all cases, the effects of exogenous shocks in the presence of quotas are intermediate betwe en those in the presence of tariffs and those in the presence of voluntary export restraints.

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Bibliographic Info

Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 21 (1988)
Issue (Month): 4 (November)
Pages: 714-35

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Handle: RePEc:cje:issued:v:21:y:1988:i:4:p:714-35

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Cited by:
  1. Naqvi, Nadeem, 2009. "Structure versus Agency in the Great Deprivation of 21st Century," MPRA Paper 12497, University Library of Munich, Germany.
  2. de Melo, Jaime & Tarr, David, 1991. "VERs under imperfect competition and foreign direct investment : a case study of the U.S. - Japan auto VER," Policy Research Working Paper Series 667, The World Bank.
  3. Anderson, James E. & Neary, J. Peter, 1992. "A new approach to evaluating trade policy," Policy Research Working Paper Series 1022, The World Bank.
  4. Yilmaz, Alper, 1999. "Host Country Welfare Effects Of Foreign Direct Investment (Fdi) And Imports: An Application To The Processed Food Industry," 1999 Annual meeting, August 8-11, Nashville, TN 21585, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Beladi, Hamid & Chao, Chi-Chur & Frasca, Ralph, 1999. "Foreign investment and environmental regulations in LDCs," Resource and Energy Economics, Elsevier, vol. 21(2), pages 191-199, May.
  6. Yu, Eden S. H. & Chi-Chur, Chao, 1996. "Are wholly foreign-owned enterprises better than joint ventures?," Journal of International Economics, Elsevier, vol. 40(1-2), pages 225-237, February.
  7. J Anderson & J.P. Neary, 1993. "Domestic Distortions and International Trade," CEP Discussion Papers dp0179, Centre for Economic Performance, LSE.
  8. David Franck & Nadeem Naqvi, 2000. "LDCs, International Capital Mobility and the Shadow Price of Foreign Exchange under Tariffs and Quantitative Restrictions," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 25(2), pages 43-54, December.
  9. Henrik Egbert & Nadeem Naqvi, 2011. "Market-dependent Production Set," MAGKS Papers on Economics 201145, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  10. Chao, Chi-Chur & Yu, Eden S. H., 1999. "Shadow prices and trade restrictions in a monetary economy," Journal of Macroeconomics, Elsevier, vol. 21(4), pages 755-764.
  11. Chao, Chi-Chur & Yu, Eden S. H., 1998. "Export-share requirements, trade balances and welfare: a two-period analysis," Journal of Development Economics, Elsevier, vol. 56(1), pages 217-228, June.
  12. Chao, Chi-Chur & Yu, Eden S. H., 1995. "The shadow price of foreign exchange in a dual economy," Journal of Development Economics, Elsevier, vol. 46(1), pages 195-202, February.
  13. Devereux, John & Roberts, Bryan, 1997. "Direct Foreign Investment and Welfare in the Transforming Economies: The Case of Central Asia," Journal of Comparative Economics, Elsevier, vol. 24(3), pages 297-312, June.
  14. Krishna, Pravin & Panagariya, Arvind, 2000. "A unification of second best results in international trade," Journal of International Economics, Elsevier, vol. 52(2), pages 235-257, December.
  15. Kreickemeier, Udo, 2001. "The shadow price of foreign exchange with minimum wages," Economics Letters, Elsevier, vol. 72(3), pages 369-373, September.

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