Current Issues in Commercial Policy and Diplomacy: Papers of by John Black

By John Black

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W. Jones, R. A. MundelI, and J. Vanek (eds), Trade, Balance of Payments and Growth (Amsterdam: North-Holland, 1971). --v. K. RAMASWAMland T. N. SRINIVASAN, 'Domestic Distortions, TarifTs and the Theory of Optimum Subsidy: Some Further Results', Journal of Political Economy, Chicago, Vol. 77, No. 6, 1969, pp. 1005-10. - - and T. N. SRINIVASAN, 'Optimal Intervention to Achieve Non-economic Objectives', Review ofEconomic Studies, Edinburgh, Vol. 35, No. I, 1969, pp. 27-38. - - and H. W AN, 'The "Stationarity" of Shadow Prices of Factors in Project Evaluation, with and without Distortions', American Economic Review, Menasha, Wisconsin, Vol.

Thus commercial policy, as herein defined, cannot systematically affect the ratio of expenditure to income once a new equilibrium is attained and hence the ratio ye to Ywill be assumed to depend solelyon monetary and fiscal policy. s) of distortions. 6 In addition we assurne, for purposes of comparative-statics analysis, that trade is balanced; this involves no loss of generality as it is merely an extension of the idea that any given imbalance is exogenously determined by monetary and fiscal policy.

P h, = (t - s)R! = (t - s)/(1 + d); (b) (tRo-sRo)/P h , = (t-s)/(l+d); (c) (rRo-aRo)/P h , = (r-a) = (t-s)/(1 +d). Nominal revenue is, of course, different with scheme (b) than with (a) or (c). IV PRODUCTION AND DEMAND SUBSTITUTION EFFECTS The analysis above has concentrated on the demand for imports and the supply of exports; at this point we turn to a derivation of the shifting parameters in terms of substitution effects in production and demand for the various categories of goods. In order to disaggregate the excess demand and supply functions into their underlying supply and demand components, it will be necessary to not only utilise a higher level of aggregation but also ignore the structure ofthe import tariffs and export subsidies.

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