Abstract
AbstractAs an instrument for intervention, import protection can be used to pursue both outward‐oriented and inward‐oriented trade policies. Although the negative consequence of inward‐oriented protection has been well documented, the impact of an outward‐oriented import protection policy remains largely unknown. This study investigates the impact of such a policy in the case of South Korea. Empirical data on Korea's import protection, export incentives, output growth, and export performance are compiled and tested in a supply side framework. The findings of this study suggest that the well‐documented import protection measure is an integral element of Korea's export‐oriented trade policy and that it will be in the self interest of Western business to respond strategically to such outward‐oriented protection measures. © 1995 John Wiley & Sons, Inc.
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