The French (Trade) Revolution of 1860: Intra-Industry Trade and Smooth Adjustment
研究了1860年英法《科布登-谢瓦利埃条约》取消进口禁令、降低关税后，法国产业内贸易显著增长，且自由化程度越高的行业双向贸易越多，支持贸易自由化带来平稳调整、避免跨部门要素重新配置的观点。
The Cobden-Chevalier treaty of 1860 eliminated French import prohibitions and lowered tariffs between France and Great Britain. The policy change was largely unexpected and unusually free from direct lobbying. A series of commercial treaties with other nations followed. Post-1860, we find a significant rise in French intra-industry trade. Sectors that liberalized more experienced higher two-way trade. Our findings are consistent with the idea that trade liberalization led to “smooth adjustment” that avoided costly inter-sectoral re-allocations of factors.