STOCHASTIC TRADE-POLICY WITH ASSET MARKETS - THE ROLE OF TARIFF STRUCTURE

• 成果类型: Article
• 署名作者: BARARI, M; LAPAN, HE
• 署名单位: Iowa State University; Missouri State University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/0022-1996(93)90022-P
• 发表日期: 1993
• 页码: 317-333

摘要

This paper uses a Stockman-Dellas type two-country, two-good, stochastic general equilibrium model to consider the effects of commercial policy when asset markets are complete. We show that: (i) import and export tariffs do not have symmetric effects because interstate relative prices depend on the entire tariff structure; (ii) when commercial policy is random and exogenously determined, the ex post comparison of utility across states depends upon whether import or export tariffs are used; and (iii) when endowments are random, implying the optimal tariff varies across states, the introduction of asset markets may be welfare-reducing when only import tariffs are used.