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The Economics of Voluntary Export Restraint Agreements

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  • Pomfret, Richard

Abstract

The three substantive sections of this survey deal with the economic consequences of voluntary export restraint agreements (VERs), e.g. the Multi-Fibre Arrangement and VERs on Japanese auto exports. Section 2 focuses on the disposition of quota rents under the assumptions of perfectly competitive markets and the absence of substitute suppliers. Section 3 considers imperfect competition and the role of VERs as cartelization instruments, facilitating collusion. Section 4 analyzes the discriminatory effects of VERs when there are third country suppliers. A broad conclusion is that the economic consequences of VERs are more complex than the standard trade policy analysis based on tariffs because of the issues discussed in Sections 3 and 4. Copyright 1989 by Blackwell Publishers Ltd

Suggested Citation

  • Pomfret, Richard, 1989. " The Economics of Voluntary Export Restraint Agreements," Journal of Economic Surveys, Wiley Blackwell, vol. 3(3), pages 199-211.
  • Handle: RePEc:bla:jecsur:v:3:y:1989:i:3:p:199-211
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    Cited by:

    1. Klaus Wälde & Christina Wood, 2004. "The empirics of trade and growth: where are the policy recommendations?," International Economics and Economic Policy, Springer, vol. 1(2), pages 275-292, January.
    2. Victor Pontines & Richard Pomfret, 2014. "Exchange rate policy and regional trade agreements: a case of conflicted interests?," Chapters,in: A World Trade Organization for the 21st Century, chapter 7, pages 157-181 Edward Elgar Publishing.
    3. Calzolari, Giacomo & Lambertini, Luca, 2007. "Export restraints in a model of trade with capital accumulation," Journal of Economic Dynamics and Control, Elsevier, vol. 31(12), pages 3822-3842, December.
    4. De Santis, Roberto A., 1997. "Why exporting countries agree voluntary export restraints: The oligopolistic power of the foreign supplier," Kiel Working Papers 841, Kiel Institute for the World Economy (IfW).

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