On the Risk-Adjusted Effective Protection Rate
利用资本资产定价模型，提出一种根据行业风险调整的有效保护率衡量方法，并展示了美国行业的实证应用。
Using the assumptions of the Capital Asset Pricing Model this paper presents a measure of the effective protection rate which adjusts for the industry's risk. It is shown that if the tariff on the final good is greater (smaller) than the weighted average tariff on the traded inputs, then the effective protection increases (decreases) as one moves from an industry with low risk (low beta) to an industry with high risk (high beta), holding other things constant. The empirical methodology of the new measure is also provided, as well as several illustrations from U.S. industries.