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1、Chapter 8The Instruments of Trade PolicyKey TermsAd valorem tariff 从价关税从价关税Import quota 进口配额进口配额Consumer surplus 消费者剩余消费者剩余 Local content requirement 国产化程度要求国产化程度要求Consumption distortion loss 消费扭曲损失消费扭曲损失Nontariff barriers 非关税壁垒非关税壁垒Effective rate of protection 有效关税保护率有效关税保护率Producer surplus 生产者剩余生产
2、者剩余Efficiency loss 效率损失效率损失Production distortion loss 生产扭曲损失生产扭曲损失Export restraint 出口限制出口限制Quota rent 配额租金配额租金Key TermsExport subsidy 出口补贴出口补贴Specific tariff 从量关税从量关税Export supply curve 出口供给曲线出口供给曲线Terms of trade gain 贸易条件收益贸易条件收益Import demand curve 进口需求曲线进口需求曲线Voluntary export restraint “自愿自愿”出口限制出
3、口限制IntroductionBasic Tariff AnalysisCosts and Benefits of a TariffOther Instruments of Trade PolicyThe Effects of Trade Policy:A SummarySummaryChapter OrganizationIntroductionThis chapter is focused on the following questions:What are the effects of various trade policy instruments?Who will benefit
4、and who will lose from these trade policy instruments?What are the costs and benefits 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 f
5、rom Japan and South Korea?Classification of Commercial Policy Instruments IntroductionCommercial Policy InstrumentsTrade Contraction Trade Expansion Tariff Export taxImport quotaVoluntary Export Restraint(VER)Import subsidyExport subsidyVoluntary Import Expansion(VIE)Price Quantity Price Quantity Ba
6、sic Tariff AnalysisTariffs 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 the fixed sum of$10.Ad valorem tarif
7、fsTaxes 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）混合税）compound tariff（复合税）（复合税）alternative tariff（选择税）（选择税）Basic Tariff AnalysisTariffs can be classified as:Purposere
8、venue tariff（财政关税）（财政关税）protective tariff（保护关税）（保护关税）The direction of the goodsimport duty(进口税）进口税）export duty(出口税）出口税）import surtax（进口附加税）进口附加税）anti-dumping duty（反倾销税）（反倾销税）countervailing duty（反补贴税）（反补贴税）Basic Tariff AnalysisDifferent treatmentgeneral tariff(普通税率）普通税率）MFNT tariff(Most Favored Natio
9、n Treatment tariff 最惠国税最惠国税)GSP(Generalized System of Preference 普遍优普遍优惠制税）惠制税）Preferential duty(特惠税）特惠税）Modern governments usually prefer to protect domestic industries through a variety of nontariff barriers,such as:Import quotas(进口配额进口配额)Limit the quantity of importsExport restraints（出口限制）（出口限制）L
10、imit the quantity of exportsBasic Tariff AnalysisSupply,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
11、 that in the absence of trade the price 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 elimina
12、ted.Basic Tariff AnalysisTo determine 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 wha
13、t Home producers supply:MD=D(P)S(P)Foreign 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 AnalysisFig.8-1:Der
14、iving Homes Import Demand CurveProperties 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 AnalysisFig.8-2:Deriving Foreigns Export
15、 Supply CurveProperties of the 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 AnalysisFig.8-3:World EquilibriumBasic Tariff AnalysisIn equ
16、ilibrium,the quantities ofimport demand=export supplyIn equilibrium,the quantities ofdomestic demand domestic supply=foreign supply foreign demandIn equilibrium,the quantities ofworld demand=world supplyUseful definitions:The terms of trade is the relative price of the exportable good expressed in u
17、nits of the importable good.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
18、 the worldBasic Tariff AnalysisEffects 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$2.Figure 8-4 ill
19、ustrates the effects of a specific tariff of$t per unit of wheat.Basic Tariff AnalysisFig.8-4:Effects of a TariffIn 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
20、 until the price difference 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 dec
21、lines due to the imposition of the tariff.Basic Tariff AnalysisThe 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 t
22、he domestic price at Home(the importing country)rises by the full amount of the tariff.Basic Tariff AnalysisFig.8-5:A Tariff in a Small CountryMeasuring the Amount of ProtectionIn analyzing trade policy in practice,it is important to know how much protection a trade policy actually provides.One can
23、express the amount of protection as a percentage of the price that would prevail under free trade.（从价关税）（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 producti
24、on of a good.Basic Tariff AnalysisEffective 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 interme
25、diate goods are used in the production of the protected good.Basic Tariff AnalysisMeasuring the amount of protectionnominal rate of protection(名义保护率）名义保护率）（domestic market price of import goods international market price）international market price100%nominal rate of protection=Measuring the amount o
26、f protectioneffective 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 protectionA example Value addedV=5000$Tariff on the whole car 50Tariff on input 25%10,000$effect
27、ive rate of protectioneffective rate of protection(V-V)/V=(5000-2000)/2000(V-V)/V=(5000-2000)/2000=150%=150%Input cost of each car 8000$2000$tariffCost of Cost of each car each car 8000$Value Value addedaddedV=2000$10,000$15,000$A example Value addedV=1000$Tariff on the whole car 50Tariff on input 7
28、5%10,000$effective rate of protectioneffective rate of protection(V-V)/V=(1000-2000)/2000=(V-V)/V=(1000-2000)/2000=-50%50%Input cost of each car 8000$6000$tariffCost of Cost of each car each car 8000$Value Value addedaddedV=2000$14,000$15,000$Measuring the amount of protectionlIf the tariff on the i
29、nputs of a industry is less than the tariff on the final products,then the effective rate of protection will exceed the nominal rate of protectionlIf 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 ra
30、te of protectionlIf the tariff on the inputs of 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 protectionCosts and Benefits of a TariffA tariff raises the price of a good in the importing countr
31、y and lowers it in the exporting country.As a 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
32、 and benefits,we need to define consumer and 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 de
33、mand curve.Graphically,it is equal to the area 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 TariffFig.8-6:Derivi
34、ng Consumer Surplus from the Demand CurveFig.8-7:Geometry of Consumer SurplusProducer 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
35、 curve.Graphically,it is equal to the area 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 TariffFig.8-8:Geometry of Producer SurplusCosts and Benefits of a TariffMeasuring the
36、 Cost and BenefitsIs it possible to 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 sa
37、me social worth.Fig.8-9:Costs and Benefits of a Tariff for the Importing CountryThe 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 tarif
38、f distorts incentives to consume and 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 price
39、s.（domestic import price)Costs and Benefits of a TariffIf 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 Benef
40、its of a TariffFig.8-10:Net Welfare Effects of a TariffExport 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 fore
41、ign price by the amount of the subsidy.It can be either specific or ad valorem.Other Instruments of Trade PolicyFig.8-11:Effects of an Export SubsidyAn export subsidy raises prices in the exporting country while lowering them in the importing country.An export subsidy lower the relative price of exp
42、orting goods.In addition,and 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 PolicyFig.8-12:Europes Common Agricultural ProgramImport Quotas:TheoryAn import quota is a direct rest
43、riction on the quantity 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 ca
44、ses(e.g.sugar and apparel),the right to sell in the United States is given directly to the governments of exporting countries.Other Instruments of Trade PolicyClassification of Import Quotas absolute quotas(绝对配额）绝对配额）global quotas;unallocated quotas(全球配额）全球配额）country quotas(国别配额）国别配额）tariff quotas(关
45、税配额）关税配额）An import quota always raises the 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 PolicyWelfare ana
46、lysis of import quotas versus of that 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
47、 assigned to governments of exporting countries,the transfer of rents abroad makes the costs of a quota substantially higher than the equivalent tariff.Other Instruments of Trade PolicyFig.8-13:Effects of the U.S.Import Quota on Sugar Voluntary Export RestraintsA voluntary export restraint(VER)is an
48、 export quota administered by the exporting 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 PolicyA VER is exactly like an
49、 import quota where the licenses are 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
50、the VER.Example:About 2/3 of the cost 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 PolicyComparison of voluntary exp