Keiretsu and relationship-specific investment: implications for market-opening trade policy

• 成果类型: Article
• 署名作者: Qiu, LD; Spencer, BJ
• 署名单位: University of British Columbia; Hong Kong University of Science & Technology
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(01)00158-1
• 发表日期: 2002
• 页码: 49-79
• 关键词: market access; trade in auto-parts; VIE; VER; US-Japan trade dispute

摘要

This paper considers the implications of relationship-specific investment within keiretsu for policies aimed at opening the Japanese market for intermediate goods, such as auto-parts, Both VIEs applied to parts and VERs restricting Japanese exports of autos cause the keiretsu to import a wider range of parts, but of a relatively unimportant type, such as seat covers, Since keiretsu investment and output fall, the total value of US parts exports may actually fall. For a given value of these exports, a VIE is less costly for US consumers and Japanese producers, but a VER is preferred by US automakers. (C) 2002 Elsevier Science B.V. All rights reserved.