The Competitive Impact of International Trade: The Case of Import Liberalization of the Japanese Oil Product Market
Опубликовано на портале: 24-12-2003
Journal of the Japanese and International Economies.
1999.
No. 13.
P. 397-423 .
Тематический раздел:
This paper analyzes the competitive impact of the recent import liberalization of
the Japanese oil product market. In response to the import liberalization in March
1996, not only did the market price of gasoline decline sharply but also its domestic
production kept rising and did not decline relative to imports. Moreover, its price
fell substantially before the actual liberalization of the import. This paper demonstrates
both theoretically and empirically that the theory of implicit cartel can explain
such features of the impact of import liberalization very well. The paper also identifies
the significantly positive welfare impact of such liberalization due to the expansion
of supply in a market with a large tax wedge between price and cost and, possibly
more importantly, due to the transformation of competitive conduct from unproductive
investment for cartel-rent shifting into price cuts.
Ключевые слова
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