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International Share Ownership, Profit Shifting and Protectionism

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Author Info
T.Huw Edwards () (Dept of Economics, Loughborough University)

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Abstract

In this paper, I examine the implications of increasing globalisation of stock market ownership on the economics of protection. Current data on European, Japanese and Australian stock exchanges indicate that in most cases over 30 per cent of the stock market is foreign-owned, a large increase on a couple of decades ago. Foreign share ownership in the USA lags behind these levels, but is increasing fast. This degree of foreign share-ownership is likely to change qualitatively the nature of the response of governments to FDI and support for `domestic' firms. In particular, a series worked examples, based upon duopoly theory, suggest 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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File URL: http://www.lboro.ac.uk/departments/ec/RePEc/lbo/lbowps/CournotpatRAE.pdf
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Paper provided by Department of Economics, Loughborough University in its series Discussion Paper Series with number 2007_28.

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Date of creation: Nov 2007
Date of revision: Nov 2007
Handle: RePEc:lbo:lbowps:2007_28

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Related research
Keywords: Trade; Oligopoly; Capital Ownership.;

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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. Brander, James A., 1995. "Strategic trade policy," Handbook of International Economics, in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 27, pages 1395-1455 Elsevier. [Downloadable!] (restricted)
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  3. Lee, Sanghack, 1990. "International equity markets and trade policy," Journal of International Economics, Elsevier, vol. 29(1-2), pages 173-184, August. [Downloadable!] (restricted)
  4. 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)
    Other versions:
  5. 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!]
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  6. 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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  7. 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)
  8. Nina Pavcnik, 2002. "Trade Disputes in the Commercial Aircraft Industry," The World Economy, Blackwell Publishing, vol. 25(5), pages 733-751, 05. [Downloadable!] (restricted)
  9. 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!]
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