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1、Chapter 8,The Instruments of Trade Policy,Key Terms,Ad valorem tariff 从价关税Import quota 进口配额Consumer surplus 消费者剩余 Local content requirement 国产化程度要求Consumption distortion loss 消费扭曲损失Nontariff barriers 非关税壁垒Effective rate of protection 有效关税保护率Producer surplus 生产者剩余Efficiency loss 效率损失Production distor
2、tion loss 生产扭曲损失Export restraint 出口限制Quota rent 配额租金,Key Terms,Export subsidy 出口补贴Specific tariff 从量关税Export supply curve 出口供给曲线Terms of trade gain 贸易条件收益Import demand curve 进口需求曲线Voluntary export restraint“自愿”出口限制,IntroductionBasic Tariff AnalysisCosts and Benefits of a TariffOther Instruments of T
3、rade PolicyThe Effects of Trade Policy:A SummarySummary,Chapter Organization,Introduction,This chapter is focused on the following questions:What are the effects of various trade policy instruments?Who will benefit and who will lose from these trade policy instruments?What are the costs and benefits
4、 of protection?Will the benefits outweigh the costs?What should a nations trade policy be?For example,should the United States use a tariff or an import quota to protect its automobile industry against competition from Japan and South Korea?,Classification of Commercial Policy Instruments,Introducti
5、on,Commercial Policy Instruments,Basic Tariff Analysis,Tariffs can be classified as:Specific tariffsTaxes that are levied as a fixed charge for each unit of goods importedExample:A specific tariff of$10 on each imported bicycle with an international price of$100 means that customs officials collect
6、the fixed sum of$10.Ad valorem tariffsTaxes that are levied as a fraction of the value of the imported goodsExample:A 20%ad valorem tariff on bicycles generates a$20 payment on each$100 imported bicycle.Mixed Tariff（混合税）compound tariff（复合税）alternative tariff（选择税）,Basic Tariff Analysis,Tariffs can be
7、 classified as:Purposerevenue tariff（财政关税）protective tariff（保护关税）The direction of the goodsimport duty(进口税）export duty(出口税）import surtax（进口附加税）anti-dumping duty（反倾销税）countervailing duty（反补贴税）,Basic Tariff Analysis,Different treatmentgeneral tariff(普通税率）MFNT tariff(Most Favored Nation Treatment tarif
8、f 最惠国税)GSP(Generalized System of Preference 普遍优惠制税）Preferential duty(特惠税）,Modern governments usually prefer to protect domestic industries through a variety of nontariff barriers,such as:Import quotas(进口配额)Limit the quantity of importsExport restraints（出口限制）Limit the quantity of exports,Basic Tariff
9、 Analysis,Supply,Demand,and Trade in a Single IndustrySuppose that there are two countries(Home and Foreign).Both countries consume and produce wheat,which can be costless transported between the countries.In each country,wheat is a competitive industry.Suppose that in the absence of trade the price
10、 of wheat at Home exceeds the corresponding price at Foreign.This implies that shippers begin to move wheat from Foreign to Home.The export of wheat raises its price in Foreign and lowers its price in Home until the initial difference in prices has been eliminated.,Basic Tariff Analysis,To determine
11、 the world price(Pw)and the quantity trade(Qw),two curves are defined:Home import demand curveShows the maximum quantity of imports the Home country would like to consume at each price of the imported good.That is,the excess of what Home consumers demand over what Home producers supply:MD=D(P)S(P)Fo
12、reign export supply curveShows the maximum quantity of exports Foreign would like to provide the rest of the world at each price.That is,the excess of what Foreign producers supply over what foreign consumers demand:XS=S*(P*)D*(P*),Basic Tariff Analysis,Fig.8-1:Deriving Homes Import Demand Curve,Pro
13、perties of the import demand curve:It intersects the vertical axis at the closed economy price of the importing country.It is downward sloping.It is flatter than the domestic demand curve in the importing country.,Basic Tariff Analysis,Fig.8-2:Deriving Foreigns Export Supply Curve,Properties of the
14、export supply curve:It intersects the vertical axis at the closed economy price of the exporting country.It is upward sloping.It is flatter that the domestic supply curve in the exporting country.,Basic Tariff Analysis,Fig.8-3:World Equilibrium,Basic Tariff Analysis,In equilibrium,the quantities ofi
15、mport demand=export supplyIn equilibrium,the quantities ofdomestic demand domestic supply=foreign supply foreign demandIn equilibrium,the quantities ofworld demand=world supply,Useful definitions:The terms of trade is the relative price of the exportable good expressed in units of the importable goo
16、d.A small country is a country that cannot affect its terms of trade no matter how much it trades with the rest of the world.The analytical framework will be based on either of the following:Two large countries trading with each otherA small country trading with the rest of the world,Basic Tariff An
17、alysis,Effects of a TariffAssume that two large countries trade with each other.Suppose Home imposes a tax of$2 on every bushel of wheat imported.Then shippers will be unwilling to move the wheat unless the price difference between the two markets is at least$2.Figure 8-4 illustrates the effects of
18、a specific tariff of$t per unit of wheat.,Basic Tariff Analysis,Fig.8-4:Effects of a Tariff,In the absence of tariff,the world price of wheat(Pw)would be equalized in both countries.With the tariff in place,the price of wheat rises to PT at Home and falls to P*T(=PT t)at Foreign until the price diff
19、erence is$t.In Home:producers supply more and consumers demand less due to the higher price,so that fewer imports are demanded.In Foreign:producers supply less and consumers demand more due to the lower price,so that fewer exports are supplied.Thus,the volume of wheat traded declines due to the impo
20、sition of the tariff.,Basic Tariff Analysis,The increase in the domestic Home price is less than the tariff,because part of the tariff is reflected in a decline in Foreign s export price.If Home is a small country and imposes a tariff,the foreign export prices are unaffected and the domestic price a
21、t Home(the importing country)rises by the full amount of the tariff.,Basic Tariff Analysis,Fig.8-5:A Tariff in a Small Country,Measuring the Amount of ProtectionIn analyzing trade policy in practice,it is important to know how much protection a trade policy actually provides.One can express the amou
22、nt of protection as a percentage of the price that would prevail under free trade.（从价关税）Two problems arise from this method of measurement:In the large country case,the tariff will lower the foreign export price.Tariffs may have different effects on different stages of production of a good.,Basic Ta
23、riff Analysis,Effective rate of protection One must consider both the effects of tariffs on the final price of a good,and the effects of tariffs on the costs of inputs used in production.The actual protection provided by a tariff will not equal the tariff rate if imported intermediate goods are used
24、 in the production of the protected good.,Basic Tariff Analysis,Measuring the amount of protection,nominal rate of protection(名义保护率）,（domestic market price of import goods international market price）,international market price,100%,nominal rate of protection,=,关税保护程度,所谓有效保护率是指征收关税后使受保护行业每单位最终产品附加价值增
25、加的百分比。所谓附加价值是最终产品价格减去用来生产该产品的进口投入品成本。,Measuring the amount of protection,effective rate of protection(有效保护率）：measure the final products actual rate of protection,is j industry unit products added value under free trade is j industry unit products added value under protection,A example,Value addedV=5
26、000$,10,000$,effective rate of protection(V-V)/V=(5000-2000)/2000=150%,10,000$,15,000$,A example,Value addedV=1000$,10,000$,effective rate of protection(V-V)/V=(1000-2000)/2000=-50%,14,000$,15,000$,Measuring the amount of protection,If the tariff on the inputs of a industry is less than the tariff o
27、n the final products,then the effective rate of protection will exceed the nominal rate of protectionIf the tariff on the inputs of a industry is equal to the tariff on the final products,then the effective rate of protection will equal to the nominal rate of protectionIf the tariff on the inputs of
28、 a industry is more than the tariff on the final products,then the effective rate of protection will less than the nominal rate of protection,or negative protection,Costs and Benefits of a Tariff,A tariff raises the price of a good in the importing country and lowers it in the exporting country.As a
29、 result of these price changes:Consumers lose in the importing country and gain in the exporting countryProducers gain in the importing country and lose in the exporting countryGovernment imposing the tariff gains revenueTo measure and compare these costs and benefits,we need to define consumer and
30、producer surplus.,Consumer and Producer SurplusConsumer surplusIt measures the amount a consumer gains from a purchase by the difference between the price he actually pays and the price he would have been willing to pay.It can be derived from the market demand curve.Graphically,it is equal to the ar
31、ea under the demand curve and above the price.Example:Suppose a person is willing to pay$20 per packet of pills,but the price is only$5.Then,the consumer surplus gained by the purchase of a packet of pills is$15.,Costs and Benefits of a Tariff,Fig.8-6:Deriving Consumer Surplus from the Demand Curve,
32、Fig.8-7:Geometry of Consumer Surplus,Producer surplusIt measures the amount a producer gains from a sale by the difference between the price he actually receives and the price at which he would have been willing to sell.It can be derived from the market supply curve.Graphically,it is equal to the ar
33、ea above the supply curve and below the price.Example:A producer willing to sell a good for$2 but receiving a price of$5 gains a producer surplus of$3.,Costs and Benefits of a Tariff,Fig.8-8:Geometry of Producer Surplus,Costs and Benefits of a Tariff,Measuring the Cost and BenefitsIs it possible to
34、add consumer and producer surplus?We can(algebraically)add consumer and producer surplus because any change in price affects each individual in two ways:As a consumerAs a workerWe assume that at the margin a dollars worth of gain or loss to each group is of the same social worth.,Fig.8-9:Costs and B
35、enefits of a Tariff for the Importing Country,The areas of the two triangles b and d measure the loss to the nation as a whole(efficiency loss)and the area of the rectangle e measures an offsetting gain(terms of trade gain).The efficiency loss arises because a tariff distorts incentives to consume a
36、nd produce.Producers and consumers act as if imports were more expensive than they actually are.Triangle b is the production distortion loss and triangle d is the consumption distortion loss.The terms of trade gain arises because a tariff lowers foreign export prices.（domestic import price),Costs an
37、d Benefits of a Tariff,If the terms of trade gain is greater than the efficiency loss,the tariff increases welfare for the importing country.In the case of a small country,the tariff reduces welfare for the importing country.Because e effect disappears.,Costs and Benefits of a Tariff,Fig.8-10:Net We
38、lfare Effects of a Tariff,Export Subsidies:TheoryExport subsidyA payment by the government to a firm or individual that ships a good abroadWhen the government offers an export subsidy,shippers will export the good up to the point where the domestic price exceeds the foreign price by the amount of th
39、e subsidy.It can be either specific or ad valorem.,Other Instruments of Trade Policy,Fig.8-11:Effects of an Export Subsidy,An export subsidy raises prices in the exporting country while lowering them in the importing country.An export subsidy lower the relative price of exporting goods.In addition,a
40、nd in contrast to a tariff,the export subsidy worsens the terms of trade.An export subsidy unambiguously leads to costs that exceed its benefits.,Other Instruments of Trade Policy,Fig.8-12:Europes Common Agricultural Program,Import Quotas:TheoryAn import quota is a direct restriction on the quantity
41、 of a good that is imported.Example:The United States has a quota on imports of foreign cheese.The restriction is usually enforced by issuing licenses to some group of individuals or firms.Example:The only firms allowed to import cheese are certain trading companies.In some cases(e.g.sugar and appar
42、el),the right to sell in the United States is given directly to the governments of exporting countries.,Other Instruments of Trade Policy,Classification of Import Quotas absolute quotas(绝对配额）global quotas;unallocated quotas(全球配额）country quotas(国别配额）tariff quotas(关税配额）,An import quota always raises t
43、he domestic price of the imported good.License holders are able to buy imports and resell them at a higher price in the domestic market.The profits received by the holders of import licenses are known as quota rents.,Other Instruments of Trade Policy,Welfare analysis of import quotas versus of that
44、of tariffs The difference between a quota and a tariff is that with a quota the government receives no revenue.In assessing the costs and benefits of an import quota,it is crucial to determine who gets the rents.When the rights to sell in the domestic market are assigned to governments of exporting
45、countries,the transfer of rents abroad makes the costs of a quota substantially higher than the equivalent tariff.,Other Instruments of Trade Policy,Fig.8-13:Effects of the U.S.Import Quota on Sugar,Voluntary Export RestraintsA voluntary export restraint(VER)is an export quota administered by the ex
46、porting country.It is also known as a voluntary restraint agreement(VRA).VERs are imposed at the request of the importer and are agreed to by the exporter to forestall the importers other trade restrictions.,Other Instruments of Trade Policy,A VER is exactly like an import quota where the licenses a
47、re assigned to foreign governments and is therefore very costly to the importing country.A VER is always more costly to the importing country than a tariff that limits imports by the same amount.The tariff equivalent revenue becomes rents earned by foreigners under the VER.Example:About 2/3 of the c
48、ost to consumers of the three major U.S.voluntary restraints in textiles and apparel,steel,and automobiles is accounted for by the rents earned by foreigners.A VER produces a loss for the importing country.,Other Instruments of Trade Policy,Comparison of voluntary export restraint and import quotas,
49、Local Content RequirementsA local content requirement is a regulation that requires that some specified fraction of a final good be produced domestically.This fraction can be specified in physical units or in value terms.Local content laws have been widely used by developing countries trying to shif
50、t their manufacturing base from assembly back into intermediate goods.,Other Instruments of Trade Policy,Local content laws do not produce either government revenue or quota rents.Instead,the difference between the prices of imports and domestic goods gets averaged in the final price and is passed o
