Trade‐policy adjustment in LDCs: A short‐run view
研究了最不发达国家在贸易条件冲击后，如何通过关税和汇率政策实现短期均衡调整，发现保护主义政策在某些情况下是合理的。
The article deals with the role of tariff protection and exchange‐rate policies in LDCs after a terms‐of‐trade shock has occurred and a new equilibrium is to be attained. Constraints concerning the domestic, foreign and public sectors are specified. It is shown that the optimal response to the shock depends on the domestic features of the economy, as well as on its trade openness; in particular, protectionist attitudes may well be justified, and anti‐trade policies may be helpful to ease adjustment.