摘要：We study the impact of import protection on relationship-specific investments,
organizational choice and welfare. We show that a tariff on intermediate inputs
can improve social welfare through mitigating hold-up problems. It does so if it
discriminates in favor of the investing party, thereby improving its bargaining
position. On the other hand, a tariff can prompt inefficient organizational
choices if it discriminates in favor of less productive firms or if integration
costs are low. Protection distorts organizational choices because tariff
revenue, which is external to the firms, drives a wedge between the private and
social gains to offshoring and integration.
关键词：International trade, tariffs, hold-up problem, sourcing, organizational form
