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	Exploring policy options in joint intertemporal-spatial trade models using an incomplete markets approach
	Huang, Hui ; Whalley, John ; Zhang, Shunming ; Zhang SM(张顺明)
	2009-10
关键词	FINANCIAL-MARKETS EQUILIBRIUM EXISTENCE
英文摘要	Conference Name:Conference on New Directions in International Trade Theory. Conference Address: Nottingham, ENGLAND. Time:JUN 08-09, 2007.; In this paper we discuss the desirability of service trade liberlization in the presence of incompleteness of markets where there is both inter-spatial and intertemporal trade between countries. We use numerical simulation methods for insights and relate our discussion to the General Agreement on Trade in Services (GATS) in the WTO. We interpret the absence of intertemporal trade as an absence of intermediation services provided by both domestic and foreign service providers. For simplicity, we consider extreme cases where intertemporal intermediation services can only be provided by domestic providers, so that when intertemporal trade in services is not allowed, markets are not complete. To our knowledge, this type of models is not used in the trade literature as general comparative statics results are unavailable. We first consider the liberalization of trade in financial services in an inter-spatial and intertemporal model of two countries, and we show how services liberalization can be welfare worsening in the presence of a tariff on spatial trade in goods. We show that this can hold in an artificial world with no domestic financial services provider. We compare financial service trade autarky in which there is no intermediation to financial service trade liberalization which involves costless intertemporal intermediation provided by foreign service providers. We also consider a more complex (and realistic) world where costly intermediation services can be provided by both domestic and foreign providers.
语种	英语
出处	http://dx.doi.org/10.1007/s00199-008-0414-0
出版者	ECON THEOR
内容类型	其他
源URL	[http://dspace.xmu.edu.cn/handle/2288/85576]
专题	经济学院－会议论文
推荐引用方式 GB/T 7714	Huang, Hui,Whalley, John,Zhang, Shunming,et al. Exploring policy options in joint intertemporal-spatial trade models using an incomplete markets approach. 2009-10-01.

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