| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11014 |
| DP11014 Global Imbalances Revisited: The Transfer Problem and Transport Costs in Monopolistic Competition | |
| Gino Gancia; Paolo Epifani | |
| 发表日期 | 2015-12-20 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study the welfare effects of trade imbalances in a two-sector model of monopolistic competition. As in perfect competition, a trade surplus involves an income transfer to the deficit country and possibly a terms-of-trade deterioration. Unlike the conventional wisdom, however, trade imbalances do not impose any double burden on surplus countries. This is because of a production-delocation effect, which leads to a reduction in the local price index. In the presence of intermediate goods, new results arise: A trade surplus may lead to an appreciation of the exchange rate, to a terms-of-trade improvement and to a welfare increase under standard parameter configurations. In addition, policies that stabilize the exchange rate can make the balanced-trade equilibrium unstable. These results can explain why the manufacturing sector may agglomerate in countries that resist the real appreciation of their currency and suggest that a fixed exchange rate and nominal rigidities may generate short-run instability. |
| 主题 | International Macroeconomics and Finance ; International Trade and Regional Economics |
| 关键词 | Intermediate goods Monopolistic competition Trade costs Trade imbalances |
| URL | https://cepr.org/publications/dp11014 |
| 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/539843 |
| 推荐引用方式 GB/T 7714 | Gino Gancia,Paolo Epifani. DP11014 Global Imbalances Revisited: The Transfer Problem and Transport Costs in Monopolistic Competition. 2015. |
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