Measuring the Restrictiveness of International Trade Policy (The Mit Press)

Proposing new theoretically sound indexes for measuring trade restrictiveness, with empirical results that show their application.
A country's stance on international trade is an important component of its economic welfare. Yet relatively little theoretical attention has been paid to developing accurate methods to assess trade policies, leaving practitioners and policy makers with ad hoc solutions that lack theoretical foundation. In this book, James Anderson and Peter Neary present a new approach to gauging trade restrictiveness. Extending the standard theory of index numbers that apply to prices, output, or productivity, Anderson and Neary develop index numbers that apply directly to policy variables. Their theoretical work builds on, and extends, the standard theory of policy reform in open economics; their empirical findings illustrate how the new indexes can be applied and show the resulting difference in the assessment of trade restrictiveness. Thus their book will be of interest to both theorists and practitioners.
After giving a nontechnical introduction to the topic, which includes a discussion of the theoretical and practical failings of other methods of measurement, Anderson and Neary propose two new indexes, the welfare-equivalent uniform tariff and the import-volume-equivalent uniform tariff, and present the theoretical foundation for these methods. The empirical work that follows applies the new approach to a range of issues, including the trade restrictiveness of domestic distortions and the use of a computable general equilibrium model to calculate the proposed measures of trade restrictiveness.

Measuring the Restrictiveness of International Trade Policy

Business & Money

Anderson, James E.

Neary, J. Peter

Economics

Mit Pr

These contributions bring both theoretical models and case studies to bear on the consequences of natural resource discoveries in developed and developing countries. Whether it is natural gas in the Netherlands, oil in the UK, Norway, or Mexico, or minerals in Australia, these discoveries have been accused of causing severe structural problems, which have been given the name "Dutch Disease." Although a sizeable literature dealing with various aspects of the Dutch Disease has now developed, this is the first attempt to confront theory with evidence.Natural Resources and the Macroeconomy contains contributions by such scholars as Alan Gelb, Ricardo Martin, Kadir R. Yurukoglu, and Shahid A. Chaudhry (all at the World Bank); Jeroen J. M. Kremers (Oxford University); Julie Aklaksen and Olav Bjerkholt (Central Bureau of Statistics, Oslo); Lance Taylor (MIT); William Branson (Princeton); Partha Dasgupta (University of Cambridge); and Ronald Jones (University of Rochester). The editors, J. Peter Neary (University College, Dublin) and Sweder Van Wijnbergen (World Bank) have written the opening chapter, Natural Resources and the Macroeconomy: A Theoretical Framework.Other topics include: Adjustment to Windfall Gains: A Comparative Analysis of Oil Exporting Countries; Government and the Dutch Disease in the Netherlands; Policy Analysis of Shadow Pricing, Foreign Borrowing, and Resource Extraction in Egypt; Certainty Equivalent Procedures in the Macroeconomic Planning of an Oil Economy: The Case of Norway; A Macro Model of an Oil Exporter: Nigeria; Commodity Export Prices and the Real Exchange Rate in Columbia: The Money-Inflation Link; Booming Sectors and Structural Change in Australia and Britain; Indonesia's Other Dutch Disease: Economic Effects of the Petroleum Boom. The book concludes with a roundtable discussion which illustrates the divergent views among economists of the consequences of natural resource booms and the appropriate policies which should be adopted toward them. The book is based on a conference held in June 1985 by the Centre for Economic Policy Research in London.

Natural Resources and the Macroeconomy

Anderson, James E. E.

MIT Press]

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