Relative Incentives and Trade Strategies: Typologies and Possibilities

Chris Milner

The Economic Record, 1995, vol. 71, issue 3, 230-239

Abstract: The paper investigates trade strategy classification within a general equilibrium framework which includes both tradeables and non‐tradeables. In a three‐sector model there is apparently a wider range of trade strategies available than in the traditional two‐sector model. Besides pure import‐substitution (IS) and export promotion (EP) policies, mixed IS/EP policies might seek (ex ante) to create a protradeables bias rather than approximate neutrality. However, the ex‐post outcome depends upon the substitution, complementarity and/or income effects of commercial policies on equilibrium relative prices. The paper demonstrates that the actual change in the incentive structure may differ from the intended strategy.

Date: 1995
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