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Measuring trade strategy in the presence of non-tradeables: Theory and some evidence for the Caribbean

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  • Andrew McKay
  • Chris Milner

Abstract

This article models trade policies in the presence of non-tradeables, and investigates trade strategy interventions and outcomes where the price of non-tradeables endogenously adjusts to trade interventions. Trade regime bias and neutrality issues are examined within a three-sector, open economy model. The theoretical framework is operationalised using empirical evidence for Trinidad and Barbados. The robustness of partial equilibrium measures of protection for classifying trade strategies is challenged and evidence on alternative general equilibrium or 'true' measures of protection is reported. 'True' or revealed trade strategies are shown to differ from those apparently intended by policy-makers.

Suggested Citation

  • Andrew McKay & Chris Milner, 1997. "Measuring trade strategy in the presence of non-tradeables: Theory and some evidence for the Caribbean," Journal of Development Studies, Taylor & Francis Journals, vol. 33(5), pages 658-674.
    • Handle: RePEc:taf:jdevst:v:33:y:1997:i:5:p:658-674
    DOI: 10.1080/00220389708422488
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    References listed on IDEAS

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    1. L.A. Sjaastad & K.W. Clements, 1981. "The Incidence of Protection: Theory and measurement," Economics Discussion / Working Papers 81-04, The University of Western Australia, Department of Economics.
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    Cited by:

    1. Roland Craigwell & Kevin Greenidge & Harold Codrington & Mr. Rupert D Worrell, 2003. "Economic Resilience with An Exchange Rate Peg: The Barbados Experience, 1985-2000," IMF Working Papers 2003/168, International Monetary Fund.
    2. Priniti Panday, 2003. "Incidence theory and the shifting of protection across sectors: the South Asian experience," Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 125-132.

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