Market Interventions, International Price Stabilization, and Welfare Implications
量化了自由贸易和扭曲性政策下价格稳定的福利效应，发现出口国价格支持、进口国价格固定等干预会加剧世界价格波动，且扭曲贸易下通过缓冲库存实现国际价格稳定的全球收益更高。
Abstract The welfare effects of price stabilization are quantified under free trade and under distortionary policies when an exporting country protects domestic producers with price supports, an importing country pursues a price‐fixing policy, and a second importing country follows a free trade policy. Results show that distortionary interventions cause greater world price variability. World gains from international price stabilization through a costless buffer stock scheme are higher under distortionary trade than under free trade.