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Risk Aversion, Terms of Trade Uncertainty and Social-Consensus Trade Policy

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Author Info

  • Cassing, J H
  • Hillman, A L
  • Long, N V

Abstract

In the Ricardo-Viner model under certainty, some specific factors areharmed by any trade tax, and mo bile factors favor taxes on some-but not all-goods. This paper demonstrates in t he context of the Ricardo-Viner trade model with terms-of-trade uncertainty, that in the presence of incomplete insurance markets a terms-of-trade contingent tr ade tax commitment can improve welfare (without any explicit income redistributi on) for every factor owner. Furthermore,this result holds in both the short run , with factor specificity, and the long run before any investment decision in sp ecificity or mobility has been implemented. Copyright 1986 by Royal Economic Society.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 38 (1986)
Issue (Month): 2 (July)
Pages: 234-42

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Handle: RePEc:oup:oxecpp:v:38:y:1986:i:2:p:234-42

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Cited by:
  1. Christophe Gouel, 2013. "Food Price Volatility and Domestic Stabilization Policies in Developing Countries," NBER Working Papers 18934, National Bureau of Economic Research, Inc.
  2. Gouel, Christophe & Jean, Sebastien, 2012. "Optimal food price stabilization in a small open developing country," Policy Research Working Paper Series 5943, The World Bank.
  3. Richard A. Jensen & Marie Thursby, 1990. "Tariffs with Private Information and Reputation," NBER Working Papers 2959, National Bureau of Economic Research, Inc.
  4. Forteza, Alvaro, 2001. "Multiple equilibria in government transfer policy," European Journal of Political Economy, Elsevier, vol. 17(3), pages 531-555, September.
  5. Bin, Sheng, 2000. "The Political Economy of Trade Policy in China," Working Papers 10/2000, Copenhagen Business School, Department of Management, Politics & Philosophy.
  6. Svaleryd, Helena & Vlachos, Jonas, 1999. "Markets for Risk and Openness to Trade: How are they Related?," Working Paper Series in Economics and Finance 327, Stockholm School of Economics, revised 10 Sep 2000.

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