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The Substitution Problem in the Theory of Effective Protection

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  • Davis, Graham A

Abstract

Input substitution theoretically invalidates the resource flow predictions of effective rates of protection calculated in a partial equilibrium framework. Partial equilibrium effective protection analysis, despite this "substitution problem," has nevertheless quietly settled into the trade economist's toolbox. This paper presents a new, transparent review of the substitution problem in effective protection. It finds that partial equilibrium effective protection analysis, although theoretically susceptible to misleading results, is in practice a reasonable estimator of certain short-run general equilibrium effects of protection. Copyright 1998 by Blackwell Publishing Ltd.

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  • Davis, Graham A, 1998. "The Substitution Problem in the Theory of Effective Protection," Review of International Economics, Wiley Blackwell, vol. 6(2), pages 307-320, May.
    • Handle: RePEc:bla:reviec:v:6:y:1998:i:2:p:307-20
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    Cited by:

    1. Joseph Francois & Ian Wooton, 2004. "Market Structure in Services and Market Access in Goods," Tinbergen Institute Discussion Papers 04-050/2, Tinbergen Institute.
    2. Antimiani, Alessandro & Salvatici, Luca, 2005. "EU Trade Policies: Benchmarking Protection in a General Equilibrium Framework," Working Papers 18856, TRADEAG - Agricultural Trade Agreements.

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