ofTradePolicy(中级宏观经济学,香港中文大学).pptx
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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
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