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Likewise, an export and production tax reform that keeps producer prices unaffected improves consumption efficiency, by reducing excessive consumption of the exportable goods, and at the same time increases government revenue, by reducing implicit consumption subsidies.
A reduction of import tariffs increases the output of the exportable good and thus exports, while a welfare increase (due to lower tariffs) increases the demand for the exportable good and thus reduces exports.
The penultimate section of the article analyzes the case where there is endogenous labor-leisure choice and shows that, even if the cash requirement ratios are the same for all importable and exportable goods, some of our previous results are still valid.
m], [member of] [0, 1] are positive scalars that denote the cash requirement ratios for purchasing the exportable and importable goods, respectively, and M is money demand.
The parameter [delta] measures how much more or less cash per unit of value is required for the purchase of importables relative to the cash required for purchase of the exportable good; hence [delta] captures the proportional increase or decrease in the domestic consumer prices of the importables, depending on whether [[phi].
In an international context, what is important is the difference between the cash requirement ratios in the exportable and the importable sectors, that say, in terms of our notation, [[phi].
When trade protection is provided only to the importable sector, the proportional change in price of exportables is zero and the proportional change in price of nontradeables is less than that of importables (with the shift parameter being less than one).
Most of the studies mentioned above are based on developing countries where they find a high degree of implicit negative taxation on exportables, due to the rise in price of nontradeables reducing the true protection of exportables.
After solving explicitly for supply elasticities, they find that the greater the elasticity of demand for labor (at constant prices) and the size of the labor force in the importable sector relative to exportables, greater is the shift parameter and the consequent implicit taxation on exportables.
In two sector trade models (exportables and importables), the short-run effects of trade liberalization are such that wages fall in terms of the price of exportables and rise in terms of the price of importables.
Lowering tariffs in the importable sector, for example, will at first decrease prices of importables relative to that of exportables and nontraded goods.
Consider a perfectly competitive small open economy, which produces three commodities: importables (m), exportables (x) and nontraded goods (n).
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