Trade liberalization and credit constraints: Why opening up may fail to promote convergence
Trade liberalization and credit constraints: Why opening up may fail to promote convergence
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贸易自由化和信贷约束：为什么开放可能无法促进融合
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Monika Schnitzer
中科院分区：
文献类型：
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作者：
K. Peters;Monika Schnitzer
最近的证据表明，尽管为贸易开放了一个国家，但发达经济体和新兴经济体之间的生产率差距往往不会缩小。本文考察了信贷约束作为阻碍趋同的一个渠道。具体地说，我们扩展了Melitz和Ottaviano(2008)类型的具有可变加价的贸易模型，以允许内生技术采用。我们考虑一个由两个国家组成的框架，这两个国家在信贷市场发展方面可能存在差异。公司可以选择通过支付一些固定成本来采用更高效的技术。固定技术采用成本的一小部分必须从外部融资：在欠发达的信贷市场，外部融资成本更高，因此技术采用的总成本更高。贸易成本的降低提高了国外的需求(有利于采用技术的效果)，但由于进口竞争减少了国内的需求(反对采用技术的效果)。我们发现，贸易自由化提高了两国的经济表现，即平均生产率和技术采用率，但生产率差距扩大了。模拟结果显示，福利差距也在拉大。因此，在没有足够机会获得外部资金的情况下开放无法促进趋同。
Recent evidence suggests that despite opening up a country for trade, the productivity gap between developed and emerging economies often does not close. This paper examines credit constraints as one channel held responsible for hampering convergence. Specifically, we extend a Melitz and Ottaviano (2008) type trade model with variable mark-ups to allow for endogenous technology adoption. We consider a framework with two countries that potentially differ with respect to credit market development. Firms have the option to adopt a more efficient technology by paying some fixed cost. A fraction of the fixed technology adoption cost has to be financed externally: in a less developed credit market, the costs of external finance and thus the total costs of technology adoption are higher. A reduction in trade costs raises demand abroad (pro technology-adoption effect) but reduces demand at home because of import competition (anti technology-adoption effect). We find that trade liberalization increases economic performance, that is average productivity and technology adoption, in both countries but that the productivity gap widens. Simulations show that the welfare gap widens too. Opening up without sufficient access to external funding thus fails to promote convergence.