ofTradePolicy(中级宏观经济学,香港中文大学).pptx

ofTradePolicy(中级宏观经济学,香港中文大学).pptx

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,1,IntroductionBasicTariffAnalysisCostsandBenefitsofaTariffOtherInstrumentsofTradePolicyTheEffectsofTradePolicy:

ASummarySummaryAppendixI:

TariffAnalysisinGeneralEquilibriumAppendixII:

TariffsandImportQuotasinthePresenceofMonopoly,ChapterOrganization,2,Introduction,Thischapterisfocusedonthefollowingquestions:

Whataretheeffectsofvarioustradepolicyinstruments?

Whowillbenefitandwhowilllosefromthesetradepolicyinstruments?

Whatarethecostsandbenefitsofprotection?

Willthebenefitsoutweighthecosts?

Whatshouldanationstradepolicybe?

Forexample,shouldtheUnitedStatesuseatarifforanimportquotatoprotectitsautomobileindustryagainstcompetitionfromJapanandSouthKorea?

3,ClassificationofCommercialPolicyInstruments,Introduction,CommercialPolicyInstruments,TariffExporttax,ImportquotaVoluntaryExportRestraint（VER）,ImportsubsidyExportsubsidy,VoluntaryImportExpansion（VIE）,4,BasicTariffAnalysis,Tariffscanbeclassifiedas:

SpecifictariffsTaxesthatareleviedasafixedchargeforeachunitofgoodsimportedExample:

Aspecifictariffof$10oneachimportedbicyclewithaninternationalpriceof$100meansthatcustomsofficialscollectthefixedsumof$10.AdvaloremtariffsTaxesthatareleviedasafractionofthevalueoftheimportedgoodsExample:

A20%advaloremtariffonbicyclesgeneratesa$20paymentoneach$100importedbicycle.,5,Acompoundduty（tariff）isacombinationofanadvaloremandaspecifictariff.Moderngovernmentsusuallyprefertoprotectdomesticindustriesthroughavarietyofnontariffbarriers,suchas:

ImportquotasLimitthequantityofimportsExportrestraintsLimitthequantityofexports,BasicTariffAnalysis,6,Supply,Demand,andTradeinaSingleIndustrySupposethattherearetwocountries（HomeandForeign）.Bothcountriesconsumeandproducewheat,whichcanbecostlesstransportedbetweenthecountries.Ineachcountry,wheatisacompetitiveindustry.SupposethatintheabsenceoftradethepriceofwheatatHomeexceedsthecorrespondingpriceatForeign.ThisimpliesthatshippersbegintomovewheatfromForeigntoHome.TheexportofwheatraisesitspriceinForeignandlowersitspriceinHomeuntiltheinitialdifferenceinpriceshasbeeneliminated.,BasicTariffAnalysis,7,Todeterminetheworldprice（Pw）andthequantitytrade（Qw）,twocurvesaredefined:

HomeimportdemandcurveShowsthemaximumquantityofimportstheHomecountrywouldliketoconsumeateachpriceoftheimportedgood.Thatis,theexcessofwhatHomeconsumersdemandoverwhatHomeproducerssupply:

MD=D（P）S（P）ForeignexportsupplycurveShowsthemaximumquantityofexportsForeignwouldliketoprovidetherestoftheworldateachprice.Thatis,theexcessofwhatForeignproducerssupplyoverwhatforeignconsumersdemand:

XS=S*（P*）D*（P*）,BasicTariffAnalysis,8,MD,D,S,A,PA,P2,P1,Figure8-1:

DerivingHomesImportDemandCurve,BasicTariffAnalysis,9,Propertiesoftheimportdemandcurve:

Itintersectstheverticalaxisattheclosedeconomypriceoftheimportingcountry.Itisdownwardsloping.Itisflatterthanthedomesticdemandcurveintheimportingcountry.,BasicTariffAnalysis,10,P2,P*A,D*,S*,P1,XS,Figure8-2:

DerivingForeignsExportSupplyCurve,BasicTariffAnalysis,11,Propertiesoftheexportsupplycurve:

Itintersectstheverticalaxisattheclosedeconomypriceoftheexportingcountry.Itisupwardsloping.Itisflatterthatthedomesticsupplycurveintheexportingcountry.,BasicTariffAnalysis,12,Figure8-3:

WorldEquilibrium,XS,MD,BasicTariffAnalysis,13,Usefuldefinitions:

Thetermsoftradeistherelativepriceoftheexportablegoodexpressedinunitsoftheimportablegood.Asmallcountryisacountrythatcannotaffectitstermsoftradenomatterhowmuchittradeswiththerestoftheworld.Theanalyticalframeworkwillbebasedoneitherofthefollowing:

TwolargecountriestradingwitheachotherAsmallcountrytradingwiththerestoftheworld,BasicTariffAnalysis,14,EffectsofaTariffAssumethattwolargecountriestradewitheachother.SupposeHomeimposesataxof$2oneverybushelofwheatimported.Thenshipperswillbeunwillingtomovethewheatunlessthepricedifferencebetweenthetwomarketsisatleast$2.Figure8-4illustratestheeffectsofaspecifictariffof$tperunitofwheat.,BasicTariffAnalysis,15,XS,PT,MD,D,S,PW,BasicTariffAnalysis,Figure8-4:

EffectsofaTariff,P*T,3,t,Homemarket,Worldmarket,Foreignmarket,16,Intheabsenceoftariff,theworldpriceofwheat（Pw）wouldbeequalizedinbothcountries.Withthetariffinplace,thepriceofwheatrisestoPTatHomeandfallstoP*T（=PTt）atForeignuntilthepricedifferenceis$t.InHome:

producerssupplymoreandconsumersdemandlessduetothehigherprice,sothatfewerimportsaredemanded.InForeign:

producerssupplylessandconsumersdemandmoreduetothelowerprice,sothatfewerexportsaresupplied.Thus,thevolumeofwheattradeddeclinesduetotheimpositionofthetariff.,BasicTariffAnalysis,17,TheincreaseinthedomesticHomepriceislessthanthetariff,becausepartofthetariffisreflectedinadeclineinForeignsexportprice.IfHomeisasmallcountryandimposesatariff,theforeignexportpricesareunaffectedandthedomesticpriceatHome（theimportingcountry）risesbythefullamountofthetariff.,BasicTariffAnalysis,18,Figure8-5:

ATariffinaSmallCountry,S,D,PW+t,PW,Importsaftertariff,Importsbeforetariff,BasicTariffAnalysis,19,MeasuringtheAmountofProtectionInanalyzingtradepolicyinpractice,itisimportanttoknowhowmuchprotectionatradepolicyactuallyprovides.Onecanexpresstheamountofprotectionasapercentageofthepricethatwouldprevailunderfreetrade.Twoproblemsarisefromthismethodofmeasurement:

Inthelargecountrycase,thetariffwilllowertheforeignexportprice.Tariffsmayhavedifferenteffectsondifferentstagesofproductionofagood.,BasicTariffAnalysis,20,EffectiverateofprotectionOnemustconsiderboththeeffectsoftariffsonthefinalpriceofagood,andtheeffectsoftariffsonthecostsofinputsusedinproduction.Theactualprotectionprovidedbyatariffwillnotequalthetariffrateifimportedintermediategoodsareusedintheproductionoftheprotectedgood.Example:

AEuropeanairplanethatsellsfor$50millionhascost$60milliontoproduce.Halfofthepurchasepriceoftheaircraftrepresentsthecostofcomponentspurchasedfromothercountries.Asubsidyof$10millionfromtheEuropeangovernmentcutsthecostofthevalueaddedtopurchasersoftheairplanefrom$30to$20million.Thus,theeffectiverateofprotectionis（30-20）/20=50%.,BasicTariffAnalysis,21,CostsandBenefitsofaTariff,Atariffraisesthepriceofagoodintheimportingcountryandlowersitintheexportingcountry.Asaresultofthesepricechanges:

ConsumersloseintheimportingcountryandgainintheexportingcountryProducersgainintheimportingcountryandloseintheexportingcountryGovernmentimposingthetariffgainsrevenueTomeasureandcomparethesecostsandbenefits,weneedtodefineconsumerandproducersurplus.,22,ConsumerandProducerSurplusConsumersurplusItmeasurestheamountaconsumergainsfromapurchasebythedifferencebetweenthepriceheactuallypaysandthepricehewouldhavebeenwillingtopay.Itcanbederivedfromthemarketdemandcurve.Graphically,itisequaltotheareaunderthedemandcurveandabovetheprice.Example:

Supposeapersoniswillingtopay$20perpacketofpills,butthepriceisonly$5.Then,theconsumersurplusgainedbythepurchaseofapacketofpillsis$15.,CostsandBenefitsofaTariff,23,8,D,Figure8-6:

DerivingConsumerSurplusfromtheDemandCurve,CostsandBenefitsofaTariff,24,Figure8-7:

GeometryofConsumerSurplus,CostsandBenefitsofaTariff,a,b,P1,P2,D,Q2,Q1,25,ProducersurplusItmeasurestheamountaproducergainsfromasalebythedifferencebetweenthepriceheactuallyreceivesandthepriceatwhichhewouldhavebeenwillingtosell.Itcanbederivedfromthemarketsupplycurve.Graphically,itisequaltotheareaabovethesupplycurveandbelowtheprice.Example:

Aproducerwillingtosellagoodfor$2butreceivingapriceof$5gainsaproducersurplusof$3.,CostsandBenefitsofaTariff,26,Figure8-8:

GeometryofProducerSurplus,CostsandBenefitsofaTariff,d,c,P2,P1,S,Q2,Q1,27,CostsandBenefitsofaTariff,MeasuringtheCostandBenefitsIsitpossibletoaddconsumerandproducersurplus?

Wecan（algebraically）addconsumerandproducersurplusbecauseanychangeinpriceaffectseachindividualintwoways:

AsaconsumerAsaworkerWeassumethatatthemarginadollarsworthofgainorlosstoeachgroupisofthesamesocialworth.,28,Figure8-9:

CostsandBenefitsofaTarifffortheImportingCountry,CostsandBenefitsofaTariff,PT,PW,P*T,b,c,d,e,D,a,QT,S,29,Theareasofthetwotrianglesbanddmeasurethelosstothenationasawhole（efficiencyloss）andtheareaoftherectangleemeasuresanoffsettinggain（termsoftradegain）.Theefficiencylossarisesbecauseatariffdistortsincentivestoconsumeandproduce.Producersandconsumersactasifimportsweremoreexpensivethantheyactuallyare.Trianglebistheproductiondistortionlossandtriangledistheconsumptiondistortionloss.Thetermsoftradegainarisesbecauseatarifflowersforeignexportprices.,CostsandBenefitsofaTariff,30,Ifthetermsoftradegainisgreaterthantheefficiencyloss,thetariffincreaseswelfarefortheimportingcountry.Inthecaseofasmallcountry,thetariffreduceswelfarefortheimportingcountry.,CostsandBenefitsofaTariff,31,Figure8-10:

NetWelfareEffectsofaTariff,PT,PW,P*T,b,d,e,D,Imports,S,CostsandBenefitsofaTariff,32,ExportSubsidies:

TheoryExportsubsidyApaymentbythegovernmenttoafirmorindividualthatshipsagoodabroadWhent