Trade liberalization through asset markets

• 成果类型: Article
• 署名作者: Feeney, J; Hillman, AL
• 署名单位: State University of New York (SUNY) System; University at Albany, SUNY; Bar Ilan University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2003.06.001
• 发表日期: 2004
• 页码: 151-167
• 关键词: trade liberalization; asset markets; political economy

摘要

Political-economy expositions of trade policy have traditionally described asset or factor ownership as not subject to change. Asset markets, however, allow individuals to change the composition of income sources. We consider an economy with stochastic productivity to show how the equilibrium composition of asset portfolios influences individual attitudes toward free trade. The model links financial market completeness and trade liberalization in the second half of the 20th century and provides a contributing answer to why governments in poorer countries without well-developed financial markets have failed to liberalize trade. (C) 2003 Elsevier B.V. All rights reserved.