贸易与资本流动

1、Trade and Capital Flows: A Financial FrictionsPerspectiveAntrs, PolRicardo J. Caballero作者简介Ricardo J. CaballeroChairman, MIT Department of Economics (2008-2011)Ricardo Caballero目前是MIT经济系在任的教授（不含退休教授）中，地位仅次于BALANCHARD的宏观经济学大牛。 Primary Field: Macroeconomics, International Economics, and Finance. Secon

2、dary Fields: Labor Economics and Productivity.在AER,JPE,E，JF发表文章40多篇。引用率超过400的20多篇。最近的代表作是： “An Equilibrium Model of Global Imbalances and Low Interest Rates,” AmericanEconomic Review, 2008, Vol. 98, No. 1, pp. 358-393. (with E. Farhi and P.O.Gourinchas). 引用率已经超过900，成为当前解释全球贸易失衡的最优影响力的论文。Motivate The

3、 process of globalization involves the integration of goods and financial markets of heterogeneous economies. While international trade deals with the former and macroeconomics with the latter. There exists two dimensions of heterogeneityin financial frictions. First, there is cross-country heteroge

4、neity. Second, there is cross-sectoral heterogeneity. Even when operating under a common financial system, somesectors are more “dependent” on financial infrastructure than others This paper we argue that such separation is not warranted when financial frictions are an important source of heterogene

5、ity across countries and sectors.Finding 1. Trade and net capital flows are complements in less financially developed countries: a process of trade integration increases the incentives for capital to flow into these economies. H-O-M model 2. A financially underdeveloped economy that opens the capita

6、l account without liberalizing trade is likely to experience capital outflows. An aggressive trade liberalization can reverse these outflows. 3. At the global level, a rise in protectionism may exacerbate rather than reduce the so-called global imbalances.文章的安排 这是一篇理论文章，文章建模思路清晰，方法相对简单，很值得阅读（包括高年级本科

7、生）。 文章建模思路循序渐进、从简单到复杂、从特殊到一般化、从静态到动态。 文章分成三大块： 1. Benchmark model. a. autarkic model b.small open economy model c. model under trade liberalization d.model under trade liberation and capital mobility. 2. General model. 3. Dynamic model封闭经济模型 The country is inhabited by a continuum of measure u of entrepreneurial a continuum of measure 1-u of rentier, and a continuum of measure L of workers. All capitalists are endowed with K units of capital, and each worker supplies inelastically one unit of labor; so the aggregate capital-labor ratio of the economyIs K/L. 疑问引入金融摩擦部门间重要的一