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International Share Ownership, Profit Shifting and Protectionism

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Author Info
T. Huw Edwards

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Abstract

I examine the implications of increasing stock market globalisation for the economics of protection. European, Japanese and Australian data mostly indicate that over 30 per cent of the stock market is now foreign-owned, a large increase on the 1980s. Foreign share ownership in the USA is lower, but increasing fast. This degree of foreign share ownership is likely to change qualitatively the nature of governmental support for 'domestic' firms. A series of worked duopoly examples suggests that the level of foreign share ownership is usually sufficient for profit shifting on its own no longer to justify protection.

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Article provided by Mohr Siebeck, Tübingen in its journal Journal of Institutional and Theoretical Economics.

Volume (Year): 164 (2008)
Issue (Month): 2 (June)
Pages: 280-301
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Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200806)164:2_280:isopsa_2.0.tx_2-d

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Find related papers by JEL classification:
F10 - International Economics - - Trade - - - General
F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies

References listed on IDEAS
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  1. Dick, Andrew R., 1993. "Strategic trade policy and welfare : The empirical consequences of cross-ownership," Journal of International Economics, Elsevier, vol. 35(3-4), pages 227-249, November. [Downloadable!] (restricted)
  2. Lee, Sanghack, 1990. "International equity markets and trade policy," Journal of International Economics, Elsevier, vol. 29(1-2), pages 173-184, August. [Downloadable!] (restricted)
  3. Neary, J. Peter, 1994. "Cost asymmetries in international subsidy games: Should governments help winners or losers?," Journal of International Economics, Elsevier, vol. 37(3-4), pages 197-218, November. [Downloadable!] (restricted)
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  4. James E. Anderson & Eric van Wincoop, 2003. "Gravity with Gravitas: A Solution to the Border Puzzle," American Economic Review, American Economic Association, vol. 93(1), pages 170-192, March. [Downloadable!] (restricted)
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  5. Eaton, Jonathan & Grossman, Gene M, 1986. "Optimal Trade and Industrial Policy under Oligopoly," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 383-406, May. [Downloadable!] (restricted)
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  6. Michael P. Devereux & Rachel Griffith & Alexander Klemm, 2002. "Corporate income tax reforms and international tax competition," Economic Policy, CEPR, CES, MSH, vol. 17(35), pages 449-495, October. [Downloadable!] (restricted)
  7. T.Huw Edwards, 2007. "Horizontal Regulatory Protection. Its appeal and implictions in a linear Cournot duopoly," Discussion Paper Series 2007_05, Department of Economics, Loughborough University, revised Feb 2007. [Downloadable!]
  8. James A. Brander, 1995. "Strategic Trade Policy," NBER Working Papers 5020, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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