ON THE ROLE OF FINANCIAL FRICTIONS AND THE SAVING RATE DURING TRADE LIBERALIZATIONS
研究了金融摩擦和储蓄率如何影响贸易自由化对金融欠发达经济体的收入、消费和财富分配的长期效应。发现贸易自由化可能减少稳态消费和收入，且金融发展水平越高或储蓄率越高，这种可能性越大。
We study how financial frictions and the saving rate shape the long-run effects of trade liberalization on income, consumption, and the distribution of wealth in financially underdeveloped economies. In our model, regardless of whether the capital account is open or not, trade liberalization reduces the share of wealth in the hands of entrepreneurs and may well reduce steady-state consumption and income. Furthermore, trade opening is more likely to reduce steady-state consumption and output, the higher is the level of financial development. For economies with an open capital account, a higher saving rate also increases the likelihood that a trade liberalization leads to a reduction in steady-state consumption and output.