By Jagdish N. Bhagwati
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Extra info for Illegal Transactions in International Trade. Theory and Measurement
The investment worth 1 400 000 rupees in the official record represents capital goods with an actual pre-tariff value of 800 000 rupees. These estimates of overinvoicing profits suggest that opportunities for overinvoicing capital goods may be terribly important in underdeveloped countries in creating conflicts of interest, political pressures and incentives that lower the price of industrial capital, systematically affecting its allocation and encouraging its waste. We shall return to this below.
This also means that the maximum tariff revenue that can be collected is greater in the absence of smuggling. However, as we have already argued, we cannot in general rank the tariff rates that generate maximum revenue in the two cases. 6. Comparison of tariff rates generating given revenue, in the presence and in the absence of smuggling We may now investigate yet another problem: in generating a given, feasible revenue, can we argue that smuggling will require necessarily a higher or a lower tariff than if smuggling were not possible?
Overinvoicing, underutilization, and distorted industrial growth 51 effects of the financial incentives alone, we are explicitly ignoring what is usually taken to be the only reason for importing capital equipment - expected operating profits3. The amount of financial profit (in rupees) from an overinvoiced capital-goods import is simply what the industrialist earns by selling his Swiss bank deposit on the black market, less what he paid for it. So IT = Eh(C* - Cl) - (1 + t)E0(C* - Cll (1) where the first term is proceeds (the amount earned by selling the overinvoiced dollars C\ — C\ at the black-market exchange rate, Eh) and the second term is costs (the amount paid to buy C?
Illegal Transactions in International Trade. Theory and Measurement by Jagdish N. Bhagwati