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【正文】 t 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 Analysis 9 Quantity, Q Price, P Price, P Quantity, Q MD D S A PA P2 P1 S2 D2 D2 – S2 2 S1 D1 D1 – S1 1 Figure 81: Deriving Home’s Import Demand Curve Basic Tariff Analysis 10 ? Properties 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 Analysis 11 P2 P*A D* S* P1 XS Price, P Price, P Quantity, Q Quantity, Q S*2 – D*2 S*2 D*2 Figure 82: Deriving Foreign’s Export Supply Curve Basic Tariff Analysis D*1 S*1 S*1 – D*1 12 ? Properties 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 Analysis 13 Figure 83: World Equilibrium XS Price, P Quantity, Q MD PW QW 1 Basic Tariff Analysis 14 ? Useful definitions: ? The terms of trade is the relative price of the exportable good expressed in units 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 other ? A small country trading with the rest of the world Basic Tariff Analysis 15 ? Effects of a Tariff ? Assume 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 84 illustrates the effects of a specific tariff of $t per unit of wheat. Basic Tariff Analysis 16 XS PT MD D* S* D S PW 2 QT 1 QW Basic Tariff Analysis Figure 84: Effects of a Tariff P*T 3 t Price, P Quantity, Q Price, P Quantity, Q Price, P Quantity, Q Home market World market Foreign market Home market rld market Foreign market 17 ? In 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 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 declines due to the imposition of the tariff. Basic Tariff Analysis 18 ? The 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 the domestic price at Home (the importing country) rises by the full amount of the tariff. Basic Tariff Analysis 19 Figure 85: A Tariff in a Small Country S Price, P Quantity, Q D PW + t PW Imports after tariff S1 D1 Imports before tariff D2 S2 Basic Tariff Analysis 20 ? Measuring the Amount of Protection ? In analyzing trade policy in practice, it is important to know how much protection a trade policy actually provides. – One can express the amount of protection as a percentage of the price that would prevail under free trade. – Two problems arise from this method of measurement: 187。 In the large country case, the tariff will lower the foreign export price. 187
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