International Agricultural Trade Research Consortium Targeted and Global Export Subsidies and Welfare Impacts by Mary Bohman, Colin Carter, and Jeffrey Dorfmar* Working Paper #88-7 The International Agricultural Trade Research Consortium is an informal association of university and government economists interested in agricultural trade. Its purpose is to foster interaction, improve research capacity and to focus on relevant trade policy issues. It is financed by USDA, ERS and FAS, Agriculture Canada and the participating institutions. The IATRC Working Paper series provides members an opportunity to circulate their work at the advanced draft stage through limited distribution within the research and analysis community. The IATRC takes no political positions or responsibility for the accuracy of the data or validity of the conclusions presented by working paper authors. Further, policy recommendations and opinions expressed by the authors do not necessarily reflect those of the IATRC. This paper should not be quoted without the author(s) permission. *Mary Bohman and Jeffrey Dorfman are Postgraduate Research Associates and Colin Carter is an Associate Professor in the Department of Agricultural Economics, University of California, Davis. Correspondence or requests for additional copies of this paper should be addressed to: Dr. Colin Carter Dept. of Agricultural Economics University of California, Davis Davis, CA 95616 November 1988