By W. Max Corden
The second one version of this vintage textual content on overseas economics has been considerably revised and up-to-date to take account of the huge task during this box over the past twenty years. 3 new chapters speak about exchange coverage and the surroundings, strategic exchange coverage, and alternate coverage and the alternate cost. Corden additionally analyzes intimately the numerous arguments for defense.
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A tariff alone could not bring about this trade reversal. At the most, it could bring about complete replacement of imports of the product by domestic production,6 But any increase in the tariff beyond the point where imports have ceased would have no effect. To bring about the optimum output of Xm and hence the necessary trade reversal it would be necessary to supplement the tariff with an export subsidy. Otherwise there will, as before, be underexpansion of Xm. Consumption Effects We could now introduce the familiar consumption effects.
30 Theory of Domestic Divergences consumption at C. First-best optimum production is at F, as before, but the optimal consumption point, with given production at F, is at E to the right of F. Hence in the optimal situation production of M would exceed consumption, and it would be exported. What is the second-best optimum in this case? Imagine the tariff to be raised from zero until trade is eliminated. 11. A tariff on its own cannot carry consumption to the right of R', since once production and consumption have reached that point any increase in the tariff would be redundant.
It could also be shown that, if one must use a tariff-cwm-export subsidy as promotion, rather than using a production subsidy, the rate of export subsidy should not necessarily be identical with the rate of tariff. The aim of nonuniformity would be to minimize the inevitable consumption cost. 8 The Hierarchy of Policies For any given marginal divergence, or set of divergences, there is a first-best optimal policy or set of policies. Essentially this policy involves making the appropriate correction as close as possible to the point of the divergence.