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Articles : Intertemporal Optimization under Threat of VER
( Govind Hariharan ),( Howard J. Wall ) 세종대학교 경제통합연구소 1992 Journal of Economic Integration Vol.7 No.1
The imposition of a commercial policy does not generally come as a complete surprise to the affected parties. Exporting firms have some information about the political climate in their export markets, and thus, can assess the probability of a trade restraint being imposed. In the case of a quantity restriction, it is likely that the volume of trade allowed after the restraint is positively related to the volume of trade before the restraint. Thus, firms have an incentive to increase current production so that the losses they would incur in the event of a restriction are decreased. Such an incentive is referred to in the literature as the ``Yano effect``. This paper uses an imperfectly competitive model to develop a different and more direct channel for the Yano effect and to determine its impact on intertemporal welfare.
Intertemporal Opimization under Threat of VER
Hariharan, Govind,Wall, Howard J. 세종대학교 국제경제연구소 1992 Journal of Economic Integration Vol.7 No.1
The imposition of a commercial policy does not generally come as a complete surprise to the affected parties. Exporting firms have some information about the political climate in their export markets, and thus, can assess the probability of a trade restraint being imposed. In the case of aquantity restriction, it is likely that the volume of trade allowed after the restraint is positively related to the volume of trade before the restraint. Thus, firms have an incentive to increase current production so that the losses they would incur in the event of a restriction are decreased. Such an incentive is referred to in the literature as the 'Yano effect'. This paper used an imperfectly competitive model to develop a different and more direct channel for the Yano effect and to determine its impact on intertemporal welfare.