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Protectionism: An Analysis From Project Link

In: Selected Papers Of Lawrence R Klein: Theoretical Reflections And Econometric Applications

Author

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  • Kanta Marwah

    (Carleton University, Canada)

Abstract

The LINK system of world trade is used to examine present tendencies toward protectionism. In protectionist scenarios we increase the prices of manufactured imports into 13 LINK-OECD countries by 5, 10, and 20 percent, respectively, for 1978-1979. If a country's import equations do not depend significantly on relative price, we impose corresponding quantitative import restrictions of 5, 10, and 20 percent. Smaller OECD countries, developing countries, and socialist countries, are assumed to be nonprotectionist in these scenarios. The discrepancies between the values of leading variables in the protectionist scenarios and in a baseline case show the effects of the different degrees of protectionism assumed. The results describe and validate Adam Smith's principles of the gains from free trade.

Suggested Citation

  • Kanta Marwah, 1997. "Protectionism: An Analysis From Project Link," World Scientific Book Chapters, in: Kanta Marwah (ed.), Selected Papers Of Lawrence R Klein: Theoretical Reflections And Econometric Applications, chapter 25, pages 435-458, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789812830333_0025
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    Keywords

    Macroeconomics: Theory; Policy Formation; Reconsiderations; Macroeconometric Models: Methodology; Forecasting; Debate; Prospects; International Economics: Capital Flows; Exchange Rates; Expectations;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General

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