The Impact Of The Common External Tariff On Jamaica's Beef Sector.

Overview

In the context of liberalization of international trade, the governments of CARICOM countries implemented a policy of a phased reduction of the Common External Tariff (CET) in 1991. This policy has been blamed for causing a contraction in the domestic beef sector in Jamaica. This thesis investigates the trade dynamics of the Jamaican beef sector with respect to the world market. The prime focus was to determine what impact, if any, the phased reduction of the CET had on meat import demand and the output of the ...
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Overview

In the context of liberalization of international trade, the governments of CARICOM countries implemented a policy of a phased reduction of the Common External Tariff (CET) in 1991. This policy has been blamed for causing a contraction in the domestic beef sector in Jamaica. This thesis investigates the trade dynamics of the Jamaican beef sector with respect to the world market. The prime focus was to determine what impact, if any, the phased reduction of the CET had on meat import demand and the output of the Jamaican beef sector. It also sought to identify the most effective policy alternatives to increase the competitiveness of the local beef industry. Using time series data from 1979 to 2005, demand and supply equations were estimated using Seemingly Unrelated Regression to test for structural changes through the use of dummy variables. The analysis revealed that there is substitutability between imported meats and domestic beef, and a statistical significance of the policy change for imported meat. Furthermore, the short term supply response of domestic beef with respect to its own price was inelastic and became more inelastic after the policy change. A welfare analysis conducted on an alternative tariff regime (assuming a 30% increase in tariff), showed a net loss in social welfare.
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Product Details

  • ISBN-13: 9781243378576
  • Publisher: BiblioLabsII
  • Publication date: 9/1/2011
  • Pages: 146
  • Product dimensions: 7.44 (w) x 9.69 (h) x 0.31 (d)

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