The Welfare Effects of Trade and Capital Market Liberalization
研究贸易和资本市场自由化的福利效应，分析存在贸易限制时资本账户自由化的后果，以及存在外国借贷约束时贸易自由化的影响，证明渐进式贸易自由化优于突然自由化。
Treatise on the welfare effects of trade and capital market liberalization. Consquenses of the capital account liberalization in the presence of trade restrictions; Specifies on the liberalization of trade in the presence of foreign borrowing constraints; Proves superiority of gradual liberalization of trade to an abrupt liberalization.