Pub Date : 2006-05-01DOI: 10.1111/j.0008-4085.2006.00359.x
Siu-kee Wong
This paper considers the adjustment of external tariffs when two countries integrate and implement the Kemp-Wan-Grinols compensation scheme. Attention is also paid to the restrictions set by Article XXIV of GATT. This paper shows how the external tariffs would change in a three-good, three-country model under the assumption of gross substitutability. The results are sensitive to the initial trade pattern. In particular, they depend on the number of goods initially traded between the member countries. The analysis can be extended to a multi-commodity model if the preferences of the countries have identical CES representation.
本文考虑了两国在整合和实施kempp - wan - grinols补偿方案时对外关税的调整。还应注意关贸总协定第24条规定的限制。本文研究了在总可替代性假设下，三品三国模型下对外关税的变化。结果对初始贸易模式敏感。具体而言，它们取决于成员国之间最初交易的商品数量。如果各国的偏好具有相同的消费电子产品代表，则分析可以扩展到多商品模型。
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Pub Date : 2006-05-01DOI: 10.1111/j.0008-4085.2006.00358.x
Robert R. Reed III, K. Trask
We utilize a random-matching model to examine the relationships between market frictions and international trade. In our setting, an individual may choose to search abroad where she may have a cost advantage, but is less likely to meet potential trading partners, owing to higher market frictions. Interestingly, we find that international trade may be associated with lower welfare than autarky. We show how this is due to price distortions resulting from bargaining when there are opportunities for exchange across countries.
{"title":"Decentralized International Exchange","authors":"Robert R. Reed III, K. Trask","doi":"10.1111/j.0008-4085.2006.00358.x","DOIUrl":"https://doi.org/10.1111/j.0008-4085.2006.00358.x","url":null,"abstract":"We utilize a random-matching model to examine the relationships between market frictions and international trade. In our setting, an individual may choose to search abroad where she may have a cost advantage, but is less likely to meet potential trading partners, owing to higher market frictions. Interestingly, we find that international trade may be associated with lower welfare than autarky. We show how this is due to price distortions resulting from bargaining when there are opportunities for exchange across countries.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"84 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114509173","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-05-01DOI: 10.1111/j.0008-4085.2006.00360.x
D. Sturm
Trade disputes over national product standards are a growing source of tension in the international trading system. The usual pattern is that a country introduces a new product standard for all sales of a good in its local market, which is justified as necessary for consumer or environmental protection. Importers into the local market, however, challenge the standard as a 'disguised barrier to trade' or 'green protectionism'. The paper develops a two country political economy model to explain such disputes. It is shown how the political process can lead to a 'political failure' which takes the form of either too many or too few product standards and disagreement between politicians in different countries over the optimal policy. In a second step the model is used to evaluate whether two common proposals to settle or avoid such disputes, mutual recognition of standards and harmonization, can improve the political process.
{"title":"Product Standards, Trade Disputes, and Protectionism","authors":"D. Sturm","doi":"10.1111/j.0008-4085.2006.00360.x","DOIUrl":"https://doi.org/10.1111/j.0008-4085.2006.00360.x","url":null,"abstract":"Trade disputes over national product standards are a growing source of tension in the international trading system. The usual pattern is that a country introduces a new product standard for all sales of a good in its local market, which is justified as necessary for consumer or environmental protection. Importers into the local market, however, challenge the standard as a 'disguised barrier to trade' or 'green protectionism'. The paper develops a two country political economy model to explain such disputes. It is shown how the political process can lead to a 'political failure' which takes the form of either too many or too few product standards and disagreement between politicians in different countries over the optimal policy. In a second step the model is used to evaluate whether two common proposals to settle or avoid such disputes, mutual recognition of standards and harmonization, can improve the political process.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132264417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-05-01DOI: 10.1111/j.0008-4085.2006.00356.x
C. Erutku
We show how rebates (or fidelity discounts) that take the form of lump-sum payments made to retailers can be used by an incumbent manufacturer to achieve exclusivity and to deter the entry of a more efficient rival. The results, which hold whatever the degree of differentiation between retailers and whatever the cost advantage of the entrant, are found, despite minimizing asymmetries that may favour the incumbent. As such, there is no need to introduce buyers' disorganization, discriminatory offers, economies of scale, non-coincident markets, or liquidated damages to find that exclusivity can lead to anti-competitive effects.
{"title":"Rebates as Incentives to Exclusivity","authors":"C. Erutku","doi":"10.1111/j.0008-4085.2006.00356.x","DOIUrl":"https://doi.org/10.1111/j.0008-4085.2006.00356.x","url":null,"abstract":"We show how rebates (or fidelity discounts) that take the form of lump-sum payments made to retailers can be used by an incumbent manufacturer to achieve exclusivity and to deter the entry of a more efficient rival. The results, which hold whatever the degree of differentiation between retailers and whatever the cost advantage of the entrant, are found, despite minimizing asymmetries that may favour the incumbent. As such, there is no need to introduce buyers' disorganization, discriminatory offers, economies of scale, non-coincident markets, or liquidated damages to find that exclusivity can lead to anti-competitive effects.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128022424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2004-05-01DOI: 10.1111/J.0008-4085.2004.00001.X
T. W. Ross
This paper discusses the state of competition policy - in particular the economics of competition policy - in Canada today and considers its prospects going forward. It argues that: (i) the importance of competition policy has become accepted widely in Canada and indeed throughout much of the world; (ii) competition policy design and enforcement is in general well done in Canada; (iii) economists, including many Canadians, have played a central role in the development of an efficient and effective competition policy in Canada and elsewhere; and (iv) competition policy in Canada is today facing very serious challenges, and economists should be concerned.
{"title":"Viewpoint: Canadian Competition Policy: Progress and Prospects","authors":"T. W. Ross","doi":"10.1111/J.0008-4085.2004.00001.X","DOIUrl":"https://doi.org/10.1111/J.0008-4085.2004.00001.X","url":null,"abstract":"This paper discusses the state of competition policy - in particular the economics of competition policy - in Canada today and considers its prospects going forward. It argues that: (i) the importance of competition policy has become accepted widely in Canada and indeed throughout much of the world; (ii) competition policy design and enforcement is in general well done in Canada; (iii) economists, including many Canadians, have played a central role in the development of an efficient and effective competition policy in Canada and elsewhere; and (iv) competition policy in Canada is today facing very serious challenges, and economists should be concerned.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118268218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we examine the optimal taxation of corporate profits in a multi-period limit pricing model where a dominant firm faces expansion by a competitive fringe. The optimal policy requires tax rates to vary both intertemporally and across firm sizes, and balances the benefit of fringe growth in eroding the market power of the dominant firm and the cost of displacing the dominant firm's output with the higher cost output of the fringe. The results are relevant for assessing the policy of giving preferential tax treatment to small firms, as practised by several OECD countries.
{"title":"Profit Taxes and the Growth of Fringe Firms","authors":"M. Vigneault, Jean-François Wen","doi":"10.1111/1540-5982.00151","DOIUrl":"https://doi.org/10.1111/1540-5982.00151","url":null,"abstract":"In this paper we examine the optimal taxation of corporate profits in a multi-period limit pricing model where a dominant firm faces expansion by a competitive fringe. The optimal policy requires tax rates to vary both intertemporally and across firm sizes, and balances the benefit of fringe growth in eroding the market power of the dominant firm and the cost of displacing the dominant firm's output with the higher cost output of the fringe. The results are relevant for assessing the policy of giving preferential tax treatment to small firms, as practised by several OECD countries.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129470543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The astonishing increase in computer performance over the past two decades has made it possible for economists to base many statistical inferences on simulated, or bootstrap, distributions rather than on distributions obtained from asymptotic theory. In this paper, I review some of the basic ideas of bootstrap inference. I discuss Monte Carlo tests, several types of bootstrap test, and bootstrap confidence intervals. Although bootstrapping often works well, it does not do so in every case.
{"title":"Bootstrap Inference in Econometrics","authors":"J. MacKinnon","doi":"10.1111/0008-4085.00147","DOIUrl":"https://doi.org/10.1111/0008-4085.00147","url":null,"abstract":"The astonishing increase in computer performance over the past two decades has made it possible for economists to base many statistical inferences on simulated, or bootstrap, distributions rather than on distributions obtained from asymptotic theory. In this paper, I review some of the basic ideas of bootstrap inference. I discuss Monte Carlo tests, several types of bootstrap test, and bootstrap confidence intervals. Although bootstrapping often works well, it does not do so in every case.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131384028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we gauge consumption and portfolio shares, rather than the traditional pricing implications. We study both aggregated (financial, tangible, and human) and disaggregated (deposits, stocks, insurance, and pensions) assets. The empirical shares are computed from recent aggregate Canadian data. The theoretical shares are constructed from a flexible specification of both investors' preferences and investment opportunities. Our results reveal that the theoretical shares statistically match observed consumption and aggregated assets, but not disaggregated assets. Also, our findings for corporate stocks are consistent with the empirical asset returns literature. Finally, our findings for other assets highlight several new striking features.
{"title":"Canadian Consumption and Portfolio Shares","authors":"Michel Normandin, Pascal St-Amour","doi":"10.1111/1540-5982.00152","DOIUrl":"https://doi.org/10.1111/1540-5982.00152","url":null,"abstract":"In this paper we gauge consumption and portfolio shares, rather than the traditional pricing implications. We study both aggregated (financial, tangible, and human) and disaggregated (deposits, stocks, insurance, and pensions) assets. The empirical shares are computed from recent aggregate Canadian data. The theoretical shares are constructed from a flexible specification of both investors' preferences and investment opportunities. Our results reveal that the theoretical shares statistically match observed consumption and aggregated assets, but not disaggregated assets. Also, our findings for corporate stocks are consistent with the empirical asset returns literature. Finally, our findings for other assets highlight several new striking features.","PeriodicalId":232547,"journal":{"name":"Wiley-Blackwell: Canadian Journal of Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121557268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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