Voluntary Export Restraints on Automobiles: Evaluating a Strategic TradePolicy

Steven Berry (), James Levinsohn and Ariel Pakes ()

No 5235, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In May, 1981, a voluntary export restraint (VER) was placed on exports of automobiles from Japan to the United States. As trade policies go, this one was important. At about the same time, though to much less fanfare, international trade theorists were obtaining (then) startling results from models of international trade in imperfectly competitive markets. These models suggested that in imperfectly competitive markets, an activist trade policy might enhance national welfare. In this paper, we provide some empirical evidence on whether these new theoretical possibilities might actually apply to the policy of VERs.

Date: 1995-08
Note: IO ITI PR
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Working Paper: Voluntary Export Restraints on Automobiles: Evaluating a Strategic Trade Policy (1997)
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