ECONOMIC DEVELOPMENT UNDER ALTERNATIVE TRADE REGIMES*
通过动态一般均衡模型，比较了完全封闭贸易和完全自由化贸易对各国收入差距和福利的影响，发现自由化大幅缩小收入差距并带来巨大福利增益。
How does openness affect economic development? This question is answered in the context of a dynamic general equilibrium model of the world economy, where countries have technological differences that are both sector neutral and specific to the investment goods sector. Relative to a benchmark case of trade in credit markets only, consider (i) a complete restriction of trade and (ii) a full liberalization of trade. The first change decreases the cross‐sectional dispersion of incomes only slightly, and produces a relatively small welfare loss. The second change, instead, decreases dispersion by a significant amount, and produces a very large welfare gain.