Harmful Procompetitive Effects of Trade in Presence of Credit Market Frictions
研究了在信用市场摩擦导致企业技术选择和加成率分布内生的情况下，逐步开放贸易可能降低生产率和总产出，因为促进竞争效应使小企业更难获得信贷，被迫转向低技术。
Abstract We explore the consequences of international trade in an economy that encompasses technology choice and an endogenous distribution of mark‐ups due to credit market frictions. We show that in such an environment a gradual opening of trade may—but not necessarily must—have a negative impact on productivity and overall output. The reason is that the procompetitive effects of trade reduce mark‐ups and hence make access to credit more difficult for smaller firms. As a result, smaller firms—while not driven out of the market—may be forced to switch to less productive technologies.