International trade, FDI, and policies based on heterogeneities of firms

本文从经济福利的角度研究了在企业异质性的情况下，贸易和外国直接投资的模式是否有效，以及创造企业异质性的政策是否能提高经济福利。在各国或各地区的内在成本和市场规模不同的情况下，从福利的观点来看，外国直接投资的模式是有效率的。作为造成企业异质性的政策，我们关注的是人为的低利率政策。我们证明，它可以改善经济福利，如果利率上限需要一个配给规则分配资金的出口导向型产业。

We investigate whether patterns of trade and foreign direct investment are efficient from the economic welfare point of view in the situation with heterogeneity of firms, and whether policies creating heterogeneity of firms improve economic welfare. In the case where intrinsic costs and market sizes are different between countries or regions, the pattern of foreign direct investment is efficient from the welfare point of view. As a policy creating the heterogeneity of firms, we focus on the artificially low interest rate policy. We demonstrate that it can improve economic welfare if the interest rate ceiling entails a rationing rule distributing funds to the export-oriented industries.