-
作者：Brainard, SL; Martimort, D
作者单位：INRAE; Harvard University
摘要：We investigate the implications of incomplete information for a simple, rent-shifting trade policy a la Brander and Spencer (Journal of International Economics, 1985, 18, 83-100). Asymmetric information undermines the precommitment effect of unilateral government intervention, due to the requirements of incentive compatibility. This 'screening' effect induces a downward distortion in the optimal subsidy, which may require a tax rather than a subsidy for the least efficient firms. The introduct...
-
作者：Cartiglia, F
摘要：This paper analyzes the implications of capital market imperfections for understanding the causes and consequences of international trade. Credit constraints in financing education and exogenous income distribution affect patterns of comparative advantage and are crucial in determining the impact of international trade. Unlike the standard results in the trade literature, in the model here, trade liberalization in a skill-scarce country leads to higher investments in human capital.
-
作者：Spencer, BJ
摘要：Despite valid criticisms, many developing countries have issued non-transferable import licenses to a limited number of final-good producers so as to restrict imports of an input, such as capital equipment. This paper demonstrates that for a given import quota, such licensing restrictions can actually increase domestic production of both the input and the final product, but at the cost of reduced quota rents. Under pure competition, domestic welfare falls relative to the use of marketable quot...
-
作者：Bandyopadhyay, S
摘要：This paper shows that demand elasticities and cost asymmetry are important determinants of strategic trade policy. In the symmetric case, the direction of intervention is critically dependent upon the elasticity of demand. Under unit elastic demand, free trade is optimal under symmetry, and a subsidy (tax) is optimal if the exporting firm has lower (higher) marginal cost than its competitor. If both the exporting governments intervene, then the conventional result that the lower cost firm gets...
-
作者：Nakanishi, N
-
作者：Obstfeld, M
作者单位：National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：This paper studies policy rules with escape clauses, analyzing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress. While well-designed, escape-clause rules can raise society's welfare in principle, limited credibility makes it difficult to implement such rules in practice. An EMS-type institution that imposes political costs on policymakers who realign may raise welfare, but can also produce equilibria far inferior to an irrevocabl...
-
作者：Mark, NC; Choi, DY
摘要：In studying monthly real exchange rates between the US and Britain, Canada, Germany, and Japan from 1961 to 1993, we find that the deviation of the log real exchange rate from its time-varying, long-run equilibrium value contains a statistically significant predictable component at the four-year horizon over a forecast period extending from 1985 to 1993. Fixed-effects regressions employing differentials in productivity, real interest rates, and per capita income display some predictive power b...
-
作者：VanLong, N; Soubeyran, A
作者单位：McGill University; Aix-Marseille Universite
摘要：We show that if domestic firms do not have identical unit costs, then the interplay between the Herfindahl index of concentration and the elasticity of the slope of the demand curve is of major importance in the determination of optimal trade policies. In some cases, the direction of optimal policy is reversed.
-
作者：Bhagwati, J
摘要：The proliferation of Preferential Trading Arrangements, especially of Free Trade Areas, has been characteristic of recent trade liberalization. In turn, many are based on the defining critereon of member countries sharing common waters: oceans, in particular, and now seas. It is suggested playfully that this 'watering of trade' also shows the superiority of multilateral over preferential freeing of trade because the WTO would be host to the 'largest water of all'.
-
作者：Desai, P
