Measuring effects of trade policy distortions: how far have we come?
Abstract
This celebration of Max Corden's academic achievements provides an
appropriate time to reflect on how far the international economics profession
has progressed in measuring the extent and effects of trade policy distortions.
Calculations of the extent of protection from import competition took a giant
leap following the development and popularisation by Corden (plus Balassa and
others) of the effective rate of protection concept in the 1960s. Subsequently, our
abilities to empirically estimate the effects of protection on such things as
production, consumption, trade, and national and global economic welfare and
its distribution also have developed rapidly.
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The World Economy