Voluntary import expansion is a policy under which one country (Japan) agrees to import a minimum quantity of a commodity from another country (the United States). It turns out that Japan is better off under an equivalent export subsidy; the United States is better off under a voluntary import expansion; and the welfare of a third country is higher under a policy which improves its terms of trade. The "optimum" voluntary import expansion for the United States results in a trade equilibrium point where the U.S. offer curve is of unitary elasticity. The authors also consider the case of a U.S. export which is a Giffen good in Japan. Copyright 1990 by Oxford University Press.
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Article provided by Oxford University Press in its journal Economic Inquiry.
Volume (Year): 28 (1990) Issue (Month): 1 (January) Pages: 99-108 Download reference. The following formats are available: HTML
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Handle: RePEc:oup:ecinqu:v:28:y:1990:i:1:p:99-108
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Kala Krishna & Suddhasatwa Roy & Marie Thursby, 1996.
"Implementing Market Access,"
NBER Working Papers
5593, National Bureau of Economic Research, Inc.
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Other versions:
Krishna, K & Thursby, M & Roy, S, 1996.
"Implementing Market Access,"
Papers
96-011, Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER).
Krishna, K & Roy, S & Thursby, M, 1996.
"Implementaing Market Access,"
Papers
96-003, Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER).