Duration and Term Structure of Trade Agreements
通过动态不完全契约模型，研究贸易协定的时间结构如何取决于贸易促进投资的特征：若投资针对单一同质商品，固定期限协定更优；若涉及多部门或差异化商品，则倾向于选择需提前通知终止的自动续期协定。
We use a dynamic incomplete contracting model to show that time structure of trade agreements is related to the characteristics of trade-facilitating investments. If these investments are specialised to trade in a particular homogeneous good, fixed-term agreements are more likely. Fixed-term agreements provide incentives for the initial investment but leave the parties the flexibility to revisit the need for future investment. If the agreement covers trade in multiple sectors or differentiated goods or services, inter-sectoral spillovers reduce risks of overinvestment. In this case, the parties are more likely to choose an evergreen agreement (with an advance termination notice).