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- W2330770700 abstract "This paper analyzes the economic efficiency effects of tariff concessions made in the Kennedy Round trade negotiations. The static welfare methodology used differs from previous analyses of multilateral tariff reductions by focusing on terms of trade changes. These changes often are incompletely allowed for because the underlying currency appreciations and depreciations necessary to balance unequal shifts in import and export values are ignored. Relative to the traditionally estimated welfare gains from tariff reductions, these terms of trade effects may have a major impact. It is shown that the Kennedy Round cuts may have left the U.S. worse off due to a terms of trade deterioration. Previous work only touches on this problem. In a contribution made over a decade ago, Balassa and Kreinin [5] estimate the static welfare gains from reducing tariffs by 50 percent from pre-Kennedy Round levels. However, their approach does not force each country's trade balance to remain unchanged, nor does it allow for any benefits from holding more official reserves or for any loss from holding fewer reserves. A preferable alternative is one utilized by Basevi [7] in assessing the welfare effects of U.S. tariffs. He forces the change in the trade balance resulting from a unilateral removal of existing tariffs to equal zero by also allowing the exchange rate to depreciate. This study follows a similar procedure in a multilateral context. The analysis admittedly is partial equilibrium in the sense that trade changes are calculated in the export and import markets of each country separately; no world trade constraint is imposed." @default.
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- W2330770700 date "1979-01-01" @default.
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- W2330770700 title "Welfare Effects of Multilateral Tariff Reductions" @default.
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- W2330770700 doi "https://doi.org/10.2307/1057475" @default.
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