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Trade Liberalization and Shadow Prices in the Presence of Tariffs and Quotas

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Neary, J Peter

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Abstract

This paper examines the welfare effects of partial trade liberalization when trade is restricted by tariffs, quotas or some combination of both instruments. Rules for optimal first- and second-best intervention are derived and illustrated (using a new geometric technique) in both small and large open economies. A general expression for shadow prices of factors of production, which applies in both small and large economies, with or without quotas, is also derived. Welfare paradoxes are possible whenever exogenous changes raise (lower) imports of goods subject to trade restrictions which are below (above) optimal levels.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 345.

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Date of creation: Nov 1989
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Handle: RePEc:cpr:ceprdp:345

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Related research
Keywords: Immiserizing Growth; Piecemeal Policy Reform; Quotas; Shadow Prices; Tariffs; Trade Liberalization;

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  1. Jean, Sebastien & Laborde, David & Martin, Will, 2008. "Choosing sensitive agricultural products in trade negotiations:," IFPRI discussion papers 788, International Food Policy Research Institute (IFPRI). [Downloadable!]
    Other versions:
  2. Raimondos-Møller, Pascalis & Woodland, Alan D, 2006. "Steepest Ascent Tariff Reforms," CEPR Discussion Papers 5782, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Salvatici, Luca & Carter, Colin A. & Sumner, Daniel A., 1997. "The Trade Restrictiveness Index: The Potential Contribution To Agricultural Policy Analysis," 1997 Annual meeting, July 27-30, Toronto, Canada 21028, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. J. Peter Neary, 2000. "International Trade and the Environment - Theoretical and Policy Linkages," Working Papers 200018, School Of Economics, University College Dublin. [Downloadable!]
    Other versions:
  5. Anderson, James E. & Martin, Will, 1998. "Evaluating public expenditures when governments must rely on distortionary taxation," Policy Research Working Paper Series 1981, The World Bank. [Downloadable!]
  6. Panos Hatzipanayotou & Sajal Lahiri & Michael S. Michael, 2002. "Reforms of Environmental Policies in the Presence of Cross-border Pollution and Two-stage Clean-up," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  7. J.P. Neary, 1997. "Pitfalls in the Theory of International Trade Policy: Concertina Reforms of Tariffs and Subsidies to High Technology Industries," CEP Discussion Papers dp0346, Centre for Economic Performance, LSE. [Downloadable!]
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  8. James E. Anderson & J. Peter Neary, 2004. "Welfare versus Market Access: The Implications of Tariff Structure for Tariff Reform," Boston College Working Papers in Economics 601, Boston College Department of Economics. [Downloadable!]
    Other versions:
  9. Arja H. Turunen-Red & Alan D. Woodland, 1995. "International Trade Policy Reforms and their Simulation," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 131(III), pages 389-417, September. [Downloadable!]
  10. J Peter Neary, 2005. "Simultaneous Reform of Tariffs and Quotas," Working Papers 200504, School Of Economics, University College Dublin. [Downloadable!]
    Other versions:
  11. Martin, Will & Anderson, James E., 2005. "Costs of taxation and the benefits of public goods : the role of income effects," Policy Research Working Paper Series 3700, The World Bank. [Downloadable!]
    Other versions:
  12. Bouamra-Mechemache, Zohra & Chavas, Jean-Paul & Cox, Tom & Requillart, Vincent, 2001. "Interregional Analysis Of The Impacts Of Eliminating European Union Milk Production Quotas," 2001 Annual meeting, August 5-8, Chicago, IL 20677, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  13. Christos Pantzios, 2000. "Trade Restrictiveness in the Presence of 'New' Goods," Open Economies Review, Springer, vol. 11(1), pages 93-101, January. [Downloadable!] (restricted)
  14. Anderson, James E. & Neary, J. Peter, 1992. "A new approach to evaluating trade policy," Policy Research Working Paper Series 1022, The World Bank. [Downloadable!]
    Other versions:
  15. D Leahy & J.P. Neary, 1998. "Strategic Trade and Industrial PolicyTowards Dynamic Oligopolies," CEP Discussion Papers dp0409, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  16. James E. Anderson & J. Peter Neary, 2004. "Welfare vs. Market Access: The Implications of Tariff Structure for Tariff Reform," NBER Working Papers 10730, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Alan Woodland & Arja Turunen-Red, 2000. "The Redistribution of Efficiency Gains: Transfers or Tariffs?," Econometric Society World Congress 2000 Contributed Papers 0987, Econometric Society. [Downloadable!]
  18. Rod Falvey & Udo Kreickemeier, 2009. "Tariff reforms with rigid wages," Economic Theory, Springer, vol. 41(1), pages 23-39, October. [Downloadable!] (restricted)
    Other versions:
  19. Anderson, James E. & Neary, J. Peter, 1993. "Domestic distortions and international trade," Policy Research Working Paper Series 1163, The World Bank. [Downloadable!]
    Other versions:
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