haku: @author Lai, E. / yhteensä: 3
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| Tekijä: | Furusawa, T. Lai, E. |
| Otsikko: | Adjustment costs and gradual trade liberalization |
| Lehti: | Journal of International Economics
1999 : DEC, VOL. 49:2, p. 333-361 |
| Asiasana: | ECONOMICS TRADE ADJUSTMENT COSTS |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes dynamic bilateral trade liberalization between two large countries. Trade liberalization causes the importable sector of each country to shrink and thereby causes reallocation of labor between sectors. Assuming that each moving worker must pay a fixed adjustment cost, a country has to bear a total adjustment cost which is linear in the amount of moving workers. The authors derive the most-cooperative, self-enforcing trade liberalization path, and find that in general trade liberalization is gradual. |
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