| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15806 |
| DP15806 Trade Reforms and Current Account Imbalances | |
| Jiandong Ju; Kang Shi; Shang-Jin Wei | |
| 发表日期 | 2021-02-11 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper studies the effects of trade liberalization on capital flows in a dynamic Heckscher-Ohlin model, and makes four contributions. First, we identify an interest rate over-determination problem in such a model, and solve it with an endogenous discount factor. Second, we show that a trade liberalization in a developing country generally leads to a greater current account surplus, which is the exact opposite of a common but partial equilibrium intuition. Third, factor market reforms reinforce the effect of the trade liberalization on capital outflows. Finally, our calibrations suggest that China's accession to the WTO is likely an important factor driving the rise of its current account surplus. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Trade reforms Trade surplus Wto accession China |
| URL | https://cepr.org/publications/dp15806 |
| 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/544805 |
| 推荐引用方式 GB/T 7714 | Jiandong Ju,Kang Shi,Shang-Jin Wei. DP15806 Trade Reforms and Current Account Imbalances. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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