Misallocation Under Trade Liberalization
Misallocation Under Trade Liberalization
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DOI：
10.3386/w26188
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发表时间：
2019-08
期刊：
影响因子：
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通讯作者：
Keyu Jin
中科院分区：
文献类型：
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作者：
Keyu Jin
本文正式提出了一个经典的观点，即在次优环境中，贸易会导致福利损失：扭曲带来的增量收入损失可能超过贸易收益。在具有扭曲性税收的Melitz模型中，我们获得了充分的福利收益/损失统计数据，并表明偏离有效情况（Arkolakis，Costinot，and Rodríguez-Clare 2012）可以通过投入和产出份额之间的差距和国内广泛的利润率弹性来捕获。这种损失反映了一种内生的选择，即更多的补贴企业选择出口。利用中国2005年的制造业数据和模型推断的企业层面扭曲，我们证明了相当大的负财政外部性可能会抵消传统的收益。(JEL D22、F14、H25、L60、O19、P31、P33）
This paper formalizes a classic idea that in second-best environments trade can induce welfare losses: incremental income losses from distortions can outweigh trade gains. In a Melitz model with distortionary taxes, we derive sufficient statistics for welfare gains/losses and show departures from the efficient case (Arkolakis, Costinot, and Rodríguez-Clare 2012) can be captured by the gap between an input and output share and domestic extensive margin elasticities. The loss reflects an endogenous selection of more subsidized firms into exporting. Using Chinese manufacturing data in 2005 and model-inferred firm-level distortions, we demonstrate that a sizable negative fiscal externality can potentially offset conventional gains. (JEL D22, F14, H25, L60, O19, P31, P33)