Kandidat til årets økonomiske fotnote: Deep Purple utg.

Dette er via Bill C (Twenty-Cent Paradigms)

Foletti, L., Fugazza, M., Nicita, A. and Olarreaga, M. (2011), Smoke in the (Tariff) Water. The World Economy, 34: 248–264

9) The song ‘Smoke on the Water’ was written by Deep Purple and refers to the fire that took place at the Montreux Casino during Frank Zappa’s concert in the 1971 Festival. Montreux is at the opposite end of Lake Geneva from the WTO.

Hva artikkelen undersøker:

As the article explains, the gap between the tariff limits countries have agreed to under the WTO – «tariff bindings» – and the tariffs they actually impose is known as the «tariff water.» This means that, in practice, countries could raise many tariffs without violating their WTO commitments. After accounting for tariff bindings that are above prohibitive levels and the constraints of regional trade agreements, the paper looks whether countries have used their available «policy space» to increase protection during the global recession (and finds that, generally, they haven’t very much).

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