Overcoming informational barriers to international resource allocation: Prices and ties

• 成果类型: Article
• 署名作者: Rauch, JE; Casella, A
• 署名单位: University of California System; University of California San Diego; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Columbia University
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/1468-0297.00090
• 发表日期: 2003
• 页码: 21-42
• 关键词: trade; networks; export

摘要

Incomplete information creates matching friction that interferes with the ability of prices to allocate scarce resources across countries but can be overcome by international information-sharing networks. When the difference between country factor-endowment ratios is large relative to network ties, efficient arbitrage breaks down, the price (wage) of each country's immobile resource becomes partially insulated from changes in foreign supply, and trade liberalisation causes less resource price convergence. The model is applied to the trade and wages debate, to whether ties can reduce world welfare through trade diversion, and to the effect of ties on trade in differentiated versus homogeneous products.