| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6885 |
| DP6885 Finance and Growth: When Does Credit Really Matter? | |
| Fabrizio Coricelli; Isabelle Roland | |
| 发表日期 | 2008-06-27 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper develops a theory of the endogenous formation of a common market in a three-country, two-factor political economy model. In the status quo, Home and Foreign implement non-discriminatory policies towards international factor flows, as to maximize the domestic median voter's welfare. Each of the two countries simultaneously holds then a referendum on a Common Market initiative leading to the removal of the pre-existing policies for factor flows occurring between the member countries, while no coordination is imposed on policies vis-à-vis the rest of the world. Several interesting results emerge. In a common market, factors moving between the members are more likely to gain, the bigger is the import demand of one country as compared to the factor supply of the exporting partner. Factors which instead do not relocate are more likely to see their return decrease when flows are big and import demands are inelastic. Importantly, for the common market to emerge as an equilibrium, some factors must continue to experience enhanced protection when the integration process is completed. This result highlights the potential tension between social desirability and political feasibility of the integration process. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Economic integration Factor mobility Political economy |
| URL | https://cepr.org/publications/dp6885 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535721 |
| 推荐引用方式 GB/T 7714 | Fabrizio Coricelli,Isabelle Roland. DP6885 Finance and Growth: When Does Credit Really Matter?. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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