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Trade Liberalization in Oligopolistic Competition with Unemployment: A General Equilibrium Analysis

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  • Chi-Chur Chao
  • Eden S. H. Yu

Abstract

This paper examines the short- and long-run effects of partial trade liberalization through relaxation of quantity restrictions in an oligopolistically competitive economy with unemployment. While the short-run effects of the liberalization policy are ambiguous, its long-run impacts are clear: the policy dampens the price of the imported goods, raises firms' output, and reduces the number of firms. Furthermore, the policy lowers the unemployment ratio and hence improves welfare when the economy suffers from sector-specific unemployment, whereas the policy may aggravate underemployment and thus may lower welfare for a labor-surplus economy.

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File URL: http://links.jstor.org/sici?sici=0008-4085%28199705%2930%3A2%3C479%3ATLIOCW%3E2.0.CO%3B2-0
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Bibliographic Info

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

Volume (Year): 30 (1997)
Issue (Month): 2 (May)
Pages: 479-96

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Handle: RePEc:cje:issued:v:30:y:1997:i:2:p:479-96

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Cited by:
  1. M. Ali Khan, 2007. "The Harris-Todaro Hypothesis," PIDE-Working Papers 2007:16, Pakistan Institute of Development Economics.
  2. Khan, M. Ali Khan, 2007. "The Harris-Todaro Hypothesis," MPRA Paper 2201, University Library of Munich, Germany.
  3. Choi, E. Kwan, 2007. "North-South Trade and Income Inequality," Staff General Research Papers 12788, Iowa State University, Department of Economics.
  4. Chao, Chi-Chur & Laffargue, Jean-Pierre & Sgro, Pasquale M., 2012. "Environmental control, wage inequality and national welfare in a tourism economy," International Review of Economics & Finance, Elsevier, vol. 22(1), pages 201-207.
  5. Anwar, Sajid & Rice, John, 2009. "Labour mobility and wage inequality in the presence of endogenous foreign investment," Economic Modelling, Elsevier, vol. 26(6), pages 1135-1139, November.
  6. Marjit, Sugata & Kar, Saibal & Beladi, Hamid, 2007. "Protectionary bias in agriculture: A pure economic argument," Ecological Economics, Elsevier, vol. 63(1), pages 160-164, June.
  7. Eckhard Janeba, 2009. "Exports, unemployment, and the welfare state," Canadian Journal of Economics, Canadian Economics Association, vol. 42(3), pages 930-955, August.
  8. Anwar, Sajid, 2008. "Factor mobility, wage inequality and welfare," International Review of Economics & Finance, Elsevier, vol. 17(4), pages 495-506, October.

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