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Goods and factors liberalization under increasing returns to scale

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  • Anil Lal
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    Abstract

    This paper develops a general equilibrium model with alternative forms of import restrictions, international capital mobility, and taxes on the rate of return on foreign capital in the context of a small open economy using an external increasing returns technology. Within this framework, this paper analyses the price and welfare effects of import liberalization in the presence of tax on foreign capital and of factor flows liberalization in the presence of alternative forms of import restrictions. It is shown, among other things, that, in contrast to the existing literature on constant returns to scale economy, the optimal policy towards foreign factors is possibly tax under each form of import restrictions.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/09638190110039019
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal The Journal of International Trade & Economic Development.

    Volume (Year): 10 (2001)
    Issue (Month): 2 ()
    Pages: 115-131

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    Handle: RePEc:taf:jitecd:v:10:y:2001:i:2:p:115-131

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    Related research

    Keywords: Increasing Returns; Import Restrictions; Tax On Foreign Capital;

    References

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    1. Chipman, John S, 1970. "External Economies of Scale and Competitive Equilibrium," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 347-85, August.
    2. Panos Hatzipanayotou & Michael S. Michael, 1993. "Import Restrictions, Capital Taxes, and Welfare," Canadian Journal of Economics, Canadian Economics Association, vol. 26(3), pages 727-38, August.
    3. Panagariya, Arvind, 1986. "Increasing returns, dynamic stability, and international trade," Journal of International Economics, Elsevier, vol. 20(1-2), pages 43-63, February.
    4. Bhagwati, Jagdish N. & Brecher, Richard A., 1980. "National welfare in an open economy in the presence of foreign-owned factors of production," Journal of International Economics, Elsevier, vol. 10(1), pages 103-115, February.
    5. Jones, Ronald W, 1987. " Tax Wedges and Mobile Capital," Scandinavian Journal of Economics, Wiley Blackwell, vol. 89(3), pages 335-46.
    6. Hatta, Tatsuo, 1977. "A Theory of Piecemeal Policy Recommendations," Review of Economic Studies, Wiley Blackwell, vol. 44(1), pages 1-21, February.
    7. Vandana Chandra & Nadeem Naqvi, 1997. "Protection and the Shadow Price of Foreign Exchange with Increasing Returns and International Capital Mobility," Canadian Journal of Economics, Canadian Economics Association, vol. 30(4), pages 959-67, November.
    8. Dei, Fumio, 1985. "Welfare gains from capital inflows under import quotas," Economics Letters, Elsevier, vol. 18(2-3), pages 237-240.
    9. Brecher, Richard A. & Diaz Alejandro, Carlos F., 1977. "Tariffs, foreign capital and immiserizing growth," Journal of International Economics, Elsevier, vol. 7(4), pages 317-322, November.
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