Demonstrates the implications of imperfect substitutability between domestic and imported final goods for the determination of second‐best ominal and effective tariffs in a general equilibrium setting. The analysis of second‐best interventions for given policy distortions extends that by...

True protection concepts seek to measure the net or relative price effects of commercial policy interventions within a general equilibrium framework. True protection depends on substitutional relationships between sectors within an economy, which are influenced by factor endowments, and the...

Demonstrates the implications of imperfect substitutability between domestic and imported final goods for the determination of second-best nominal and effective tariffs in a general equilibrium setting. The analysis of second-best interventions for given policy distortions extends that by Ruffin...