International Capital Mobility and the Costs of U.S. Import Restraints
This paper evaluates general equilibrium welfare effects of tariffs, quotas, and voluntary export restraints under different assumptions about international capital mobility. We show analytically that, when induced terms-of-trade and rental-rate effects are considered, the qualitative influence of capital mobility on the costs of protection cannot be ascertained unambiguously. simulation estimates for the U.S. indicate the practical importance of capital mobility, as well as of terms-of-trade and rental-rate adjustments, in determining the ultimate welfare effects on import restraints. Copyright 1993 by Blackwell Publishing Ltd.
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Volume (Year): 1 (1993)
Issue (Month): 3 (October)
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References listed on IDEAS
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- J. Peter Neary, 1985. "International Factor Mobility, Minimum Wage Rates, and Factor-Price Equalization: A Synthesis," The Quarterly Journal of Economics, Oxford University Press, vol. 100(3), pages 551-570.
- Jones, Ronald W., 1984. "Protection and the harmful effects of endogenous capital flows," Economics Letters, Elsevier, vol. 15(3-4), pages 325-330.
- 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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