A general equilibrium estimation of the effects of reductions in tariffs and quantitative restrictions in Turkey in 1978
Grais, W. | de Melo, Jaime | Urata, S.
This paper presents general equilibrium estimates of the effects of removing quantitative restrictions and reducing tariff protection across the board by 50 percent for Turkey in 1978. The paper presents a number of extensions over previous estimates of the gains from reducing foreign trade restrictions. The most important extensions include a correct modelling of quantitative restrictions in general equilibrium and an approach to the endogenous determination of rent-seeking activity levels in the presence of quantitative restrictions. The results suggest that substantial costs in terms of foregone GDP resulted from import quotas in the presence of rent-seeking. Finally, for reasons explained in the paper, the additional gain from a further 50 percent across the board reduction in tariff barriers would have been negligible.
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