Adjustment under different trade strateg
See discussions, stats, and author profiles for this publication at: https://www.researchgate.net/publication/254391270
Adjustment under different trade strategies: a
mean-variance analysis with a CGE model of the
Yugoslav economy
Article
CITATIONS
READS
2
8
4 authors, including:
Dusan Vujovic
Singidunum University
4 PUBLICATIONS 6 CITATIONS
SEE PROFILE
All content following this page was uploaded by Dusan Vujovic on 16 August 2014.
The user has requested enhancement of the downloaded file. All in-text references underlined in blue
are linked to publications on ResearchGate, letting you access and read them immediately.
Department of Agricultural and Resource
Economics, UCB
UC Berkeley
Title:
Adjustment under different trade strategies: a mean-variance analysis with a CGE model of the
Yugoslav economy
Author:
Adelman, Irma, University of California, Berkeley and Giannini Foundation
Berck, Peter, University of California, Berkeley and Giannini Foundation
Labus, Miroljub, University of California, Berkeley
Vujovic, Dusan, University of California, Berkeley
Publication Date:
01-01-1990
Publication Info:
Department of Agricultural and Resource Economics, UCB, UC Berkeley
Permalink:
http://escholarship.org/uc/item/7bz20689
Keywords:
commerce, economics, equilibrium, sam
eScholarship provides open access, scholarly publishing
services to the University of California and delivers a dynamic
research platform to scholars worldwide.
!!...E}?ARTMENT OF AGRICULTURAL AND RESOURCE ｅ ｃ ｏ ｎ ｍ ｉ ｾ
. DIVISION OF AGRICULTURE AND NATURAL ｾＰｬｊｉｴｇｅｓ
.
i UNIVERSITY OF CALIFORNIA, £2.
2
37
13
0
0
1
0
0
0
Own Base
- 3% - 10%
J
80 Base
- 10%
4
a
0
a
7
0
9
100
0
0
0
66
100
100
32
0
0
94
100
58
1
ｾＹ
0
0
0
0
Export. Goods & ｓ･ｾｩ｣ｳＺ
Total
ot which Convertible
16
1
12
22
25
3
0
7
1
7
1
20
7
10
19
4
0
1
Industry
Of which Convertible
12
26
0
8
0
8
12
26
a
0
8
9
10
29
3
9
5
Services
Of which Convertible
29
6
a
a
4
33
4
6
0
96
88
27
5
0
Imports Goods & Services:
Total
Of which Convertible
35
9
a
9
0
35
0
10
98
0
100
28
0
11
0
Trade Balance Goods&Services
4
4
0
2
0
0
96
100
52
47
47
53
52
1
58
49
1
Terms of Trade Effect
a)
55
55
55
59
59
64
62
62
65
Import Controls Rents
a)
58
57
57
53
53
64
58
58
62
a) For definition see footnotes to table 3.
Source: Computed from one hundred replicates of random shocks to the Yugoslav CGE models for each of the
23
rents were, by defini tion, cen tered around a zero mean in all years. Since rens t
absorb the effects of import quantity quotas,
they were quite variable;
the
probability of all types of adverse outcomes was therefore large.
The Welfare Evaluation
In Table 5,
we summarize our calculations
equivalent variations.
for
expected utility and
Of course, the utility numbers in the table are only
ordinal; any monotone transformation of these numbers would be equally valid.
The table indicates that external adjustment was achieved at the cost of a steady
decline in hous'ehold
Adjustment under different trade strategies: a
mean-variance analysis with a CGE model of the
Yugoslav economy
Article
CITATIONS
READS
2
8
4 authors, including:
Dusan Vujovic
Singidunum University
4 PUBLICATIONS 6 CITATIONS
SEE PROFILE
All content following this page was uploaded by Dusan Vujovic on 16 August 2014.
The user has requested enhancement of the downloaded file. All in-text references underlined in blue
are linked to publications on ResearchGate, letting you access and read them immediately.
Department of Agricultural and Resource
Economics, UCB
UC Berkeley
Title:
Adjustment under different trade strategies: a mean-variance analysis with a CGE model of the
Yugoslav economy
Author:
Adelman, Irma, University of California, Berkeley and Giannini Foundation
Berck, Peter, University of California, Berkeley and Giannini Foundation
Labus, Miroljub, University of California, Berkeley
Vujovic, Dusan, University of California, Berkeley
Publication Date:
01-01-1990
Publication Info:
Department of Agricultural and Resource Economics, UCB, UC Berkeley
Permalink:
http://escholarship.org/uc/item/7bz20689
Keywords:
commerce, economics, equilibrium, sam
eScholarship provides open access, scholarly publishing
services to the University of California and delivers a dynamic
research platform to scholars worldwide.
!!...E}?ARTMENT OF AGRICULTURAL AND RESOURCE ｅ ｃ ｏ ｎ ｍ ｉ ｾ
. DIVISION OF AGRICULTURE AND NATURAL ｾＰｬｊｉｴｇｅｓ
.
i UNIVERSITY OF CALIFORNIA, £2.
2
37
13
0
0
1
0
0
0
Own Base
- 3% - 10%
J
80 Base
- 10%
4
a
0
a
7
0
9
100
0
0
0
66
100
100
32
0
0
94
100
58
1
ｾＹ
0
0
0
0
Export. Goods & ｓ･ｾｩ｣ｳＺ
Total
ot which Convertible
16
1
12
22
25
3
0
7
1
7
1
20
7
10
19
4
0
1
Industry
Of which Convertible
12
26
0
8
0
8
12
26
a
0
8
9
10
29
3
9
5
Services
Of which Convertible
29
6
a
a
4
33
4
6
0
96
88
27
5
0
Imports Goods & Services:
Total
Of which Convertible
35
9
a
9
0
35
0
10
98
0
100
28
0
11
0
Trade Balance Goods&Services
4
4
0
2
0
0
96
100
52
47
47
53
52
1
58
49
1
Terms of Trade Effect
a)
55
55
55
59
59
64
62
62
65
Import Controls Rents
a)
58
57
57
53
53
64
58
58
62
a) For definition see footnotes to table 3.
Source: Computed from one hundred replicates of random shocks to the Yugoslav CGE models for each of the
23
rents were, by defini tion, cen tered around a zero mean in all years. Since rens t
absorb the effects of import quantity quotas,
they were quite variable;
the
probability of all types of adverse outcomes was therefore large.
The Welfare Evaluation
In Table 5,
we summarize our calculations
equivalent variations.
for
expected utility and
Of course, the utility numbers in the table are only
ordinal; any monotone transformation of these numbers would be equally valid.
The table indicates that external adjustment was achieved at the cost of a steady
decline in hous'ehold