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The Average and Marginal Domestic Resource Cost of Foreign Exchange

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  • Fane, George

Abstract

The average and marginal shadow domestic resource costs of earning or saving foreign exchange by expanding the gross outputs of particular industries are distinguished: the shadow costs of specific factors are included in the former concept but excluded from the latter, which is shown to be the appropriate guide to piecemeal reform of taxes on gross output. Applied DRC studies have generally attempted to estimate average DRCs, despite the fact that, correctly measured and in the absence of quantity restrictions and imperfect competition, the average DRC of a private firm must be unity. Copyright 1995 by Royal Economic Society.

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  • Fane, George, 1995. "The Average and Marginal Domestic Resource Cost of Foreign Exchange," Oxford Economic Papers, Oxford University Press, vol. 47(4), pages 663-675, October.
    • Handle: RePEc:oup:oxecpp:v:47:y:1995:i:4:p:663-75
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    Cited by:

    1. Martínez Ruiz, Elena, 2003. "Autarkic policy and efficiency in the Spanish industrial sector. An estimate of domestic resource cost in 1958," Economic History Working Papers 22352, London School of Economics and Political Science, Department of Economic History.

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