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El. knyga: Globalizations and Emerging Issues in Trade Theory and Policy

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Presents a collection of research findings on topical issues in international trade theory and policy. This work deals with trade liberalization and outsourcing. It examines trading clubs and preferential trading agreements. It features six chapters on the various aspects of trade and aid.

This edited volume is a collection of latest research findings on topical issues in international trade theory and policy. The chapters are contributed by well known academic economists around the globe as a tribute to Professor Murray Kemp's 80th birthday. They cover three broad areas of globalization and emerging issues in international trade. The first part of the volume, containing five chapters, deals with trade liberalization and outsourcing. These chapters examine the role of the WTO, trade liberalization as a game under uncertainty, a Chamberlinian-Ricardian model, liberalization of government procurements, and outsourcing and import restriction policies. The second part of the volume, also containing five chapters, examines trading clubs and preferential trading agreements. These chapters extend the original Kemp-Wan proposition concerning customs unions in various directions. The final part of this book consists of six chapters on various aspects of trade and aid. These include a review of Kemp's contributions to trade and welfare economics, gains from trade and refusal to trade, increasing returns and oligopoly, tariff policy and foreign economic aid, infrastructure aid and deindustrialization, and environmental regulation and tourism.
LIST OF CONTRIBUTORS v
INTRODUCTION xv
PART 1: TRADE LIBERALIZATION AND OUTSOURCING 1
CHAPTER 1 THE WTO AND THE WORLD ECONOMY: A WELFARE-THEORETIC PERSPECTIVE
3
Michihiro Ohyama
1 Introduction
3
2 Preliminaries: Welfare comparison
4
3 WTO and FTA
7
4 Labor and environmental policies
9
5 Concluding remarks
11
Acknowledgement
13
References
13
CHAPTER 2 TRADE LIBERALIZATION AS A GAME OF DECISION UNDER UNCERTAINTY
15
Henry Wan Jr. and Yinggang Zhou
1 Overview
15
2 The model
16
2.1 The behavioral rules
17
2.2 The game of tariff war: Johnson (1953-1954)
18
3 Tariff reform as a decision problem under uncertainty?
20
4 Concluding remarks
25
Acknowledgements
27
References
27
CHAPTER 3 COMPARATIVE ADVANTAGE AND TRADE LIBERALIZATION IN A CHAMBERLINIAN–RICARDIAN MODEL
29
Toru Kikuchi and Koji Shimomura
1 Introduction
29
2 The model
31
3 The impact of trade liberalization
33
Acknowledgements
34
References
35
CHAPTER 4 OUTSOURCING AND IMPORT RESTRICTION POLICIES
37
Kai-Hsi Chu and Kar-yiu Wong
1 Introduction
37
2 The model
39
3 Intermediate sectors
40
4 Policies to control outsourcing
44
4.1 Welfare of country N
45
4.2 Quantitative restriction
45
4.3 Variety restriction
48
4.4 The tariff policy
51
5 Concluding remarks
54
Acknowledgement
54
References
54
CHAPTER 5 LIBERALIZATION OF GOVERNMENT PROCUREMENTS: COMPETITION FROM FOREIGN FIRMS
57
Ngo Van Long
1 Introduction
57
2 The model
60
2.1 Domestic firms, foreign firms, and domestic welfare
60
2.2 Optimization by individual firms
61
2.3 Properties of Nash equilibriums of the lobbying game
63
3 Properties of equilibrium strategies
65
4 Entry of a foreign firm
65
5 Effects of foreign entry on welfare
69
6 Mean-preserving spreads
71
7 Concluding remarks
72
Acknowledgement
72
References
73
PART II: TRADING CLUBS AND PREFERENTIAL TRADE AGREEMENTS 75
CHAPTER 6 NORMATIVE COMPARISONS OF CUSTOMS UNIONS AND OTHER TYPES OF FREE TRADE ASSOCIATION
77
Murray C. Kemp
1 Introduction
77
2 Analysis
79
3 Extensions of Theorem 2
81
3.1 Non-passive non-members
81
3.2 Public goods
82
4 Summarizing and cautionary remarks
82
Acknowledgements
84
Appendix: The extended Kemp–Wan FTA
84
References
85
CHAPTER 7 A FREE TRADE AREA AND ITS NEIGHBOR'S WELFARE: A REVEALED PREFERENCE APPROACH
87
Masahiro Endoh, Koichi Hamada and Koji Shimomura
1 Introduction
87
2 Model
89
3 Main results
91
4 Interpretation of the condition for the non-existence of Pareto-improving PTA
94
5 Government interventions and the effect of a PTA
96
6 Concluding remarks
97
Acknowledgement
98
References
98
CHAPTER 8 TARIFF ADJUSTMENTS IN PREFERENTIAL TRADE AGREEMENTS
101
Eric W. Bond and Constantinos Syropoulos
1 Introduction
102
2 A symmetric three-country trade model
103
3 Tariffs and the terms of trade
107
4 Tariffs and member country welfare
114
5 Conclusion
118
Acknowledgement
119
References
119
CHAPTER 9 MORE (OR LESS) ON NECESSARILY WELFARE-ENHANCING FREE TRADE AREAS
121
Martin Richardson and Niven Winchester
1 Introduction
121
2 The Ohyama–Panagariya–Krishna result
123
2.1 The OPK proposition
123
2.2 An objection
125
3 A numerical simulation
130
3.1 Background
130
3.2 Simulation results
131
4 Conclusion
136
Acknowledgement
136
Appendix
136
References
137
CHAPTER 10 PARETO-IMPROVING TRADING CLUBS WITHOUT INCOME TRANSFERS
139
Kazumichi Iwasa, Raymond Riezman and Koji Shimomura
1 Introduction
139
2 The model and equilibrium conditions
142
3 The first main result: Pareto-improving non-discriminatory reform
143
4 The second main result: Pareto-optimal customs unions without income transfers
146
5 A diagrammatic exposition
149
6 Concluding remarks
154
Acknowledgments
155
Appendix 1 Proof of Lemma 1
156
Appendix 2 Cases of specific tariffs and ad valorem tariffs imposed on all goods
157
Specific tariffs
157
Ad valorem tariffs
160
References
161
PART III: TRADE AND WELFARE 163
CHAPTER 11 THE CONTRIBUTION OF MURRAY KEMP TO THE DISCIPLINE OF INTERNATIONAL TRADE AND WELFARE ECONOMICS
165
Binh Tran-Nani
1 Introduction
165
2 How Murray Kemp came to economic theory
167
3 Murray Kemp's major contributions to trade and welfare economics
170
3.1 Kemp and welfare economics
170
3.2 Kemp and exhaustible and renewable resources
172
3.3 Kemp and international trade
173
4 Kemp as a discipline builder and his contributions to economic methodology
179
5 Conclusion
185
Acknowledgement
185
References
185
CHAPTER 12 THE GAINS FROM TRADE AND REFUSAL TO TRADE
193
Arye L. Hillman
1 Introduction
194
2 The individual and gains from trade
195
3 Domestic and foreign trade
196
4 A Ricardian economy
196
5 A more general model with asymmetric income sources
196
6 The feasibility of free-trade consensus
198
7 The evolutionary case for free trade
199
8 Political economy and refusal to allow free trade
200
9 The second-best view
201
10 Strategic trade policy and rent seeking
201
11 Trade liberalization
202
12 Trade diversion: The second-best within political economy
202
13 International externalities and refusal to trade
203
14 Other explanations for refusal to trade
205
15 Conclusions
205
Acknowledgement
206
References
206
CHAPTER 13 A TWO-COUNTRY MODEL OF INTERNATIONAL TRADE WITH INCREASING RETURNS AND OLIGOPOLY
209
Kenji Fujiwara, Nobuhito Suga and Makoto Tawada
1 Introduction
209
2 An autarkic equilibrium
211
3 Free trade equilibria
214
4 Trade patterns
219
5 Gains from trade
220
6 Concluding remarks
224
Acknowledgements
225
Appendix 1 Some properties of the allocation curve
225
Appendix 2 The factor price equalization condition
227
References
228
CHAPTER 14 TARIFF POLICY AND FOREIGN ECONOMIC AID FOR THE ECONOMY WITH A MONOPOLISTICALLY COMPETITIVE NONTRADED INDUSTRY AND CAPITAL INFLOW
231
Masayuki Okawa
1 Introduction
232
2 The model
233
3 The effects of import tariffs and foreign economic aid
236
3.1 Comparative static analysis of the effects of import tariffs and foreign economic aid
236
3.2 The welfare effects of import tariff and foreign economic aid
239
4 Concluding remarks
241
Acknowledgements
242
References
242
CHAPTER 15 INFRASTRUCTURE AID AND DEINDUSTRIALIZATION IN DEVELOPING COUNTRIES
245
E. Kwan Choi and Jai-Young Choi
1 Introduction
246
2 Assumptions and the basic properties of the model
247
2.1 Short-term effect of infrastructure investment on production costs
248
2.2 Factor prices, price of the nontraded good, and the exchange rate
248
2.3 Infrastructure aid to the export sector
250
2.4 Infrastructure aid to the import sector
251
2.5 Infrastructure aid to the nontraded good sector
251
3 Infrastructure aid, welfare, and deindustrialization
252
3.1 Infrastructure aid and national income
252
4 Sectoral outputs and deindustrialization
255
4.1 Infrastructure aid to the export sector and deindustrialization
257
4.2 Infrastructure aid to the import sector and deindustrialization
260
4.3 Infrastructure aid to the nontraded good sector and deindustrialization
263
5 Concluding remarks
265
References
266
CHAPTER 16 ENVIRONMENTAL REGULATIONS FOR A SMALL OPEN ECONOMY WITH TOURISM
269
Chi-Chur Chao, Bharat R. Hazari, Jean-Pierre Laffargue and Eden S.H. Yu
1 Introduction
270
2 A model
271
3 Optimal tariff and pollution tax
274
3.1 Tariffs
275
3.2 Pollution taxes
277
3.3 Jointly optimal tariffs and pollution taxes
278
4 Simulations
279
4.1 Specifications
279
4.2 Calibrations
280
4.3 Simulations
281
5 Conclusions
282
Acknowledgements
282
References
283
SUBJECT INDEX 285
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