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Competition, markups, and the gains from international trade

Author: Chris Edmond; Virgiliu Midrigan; Daniel Yi Xu; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2012.
Series: Working paper series (National Bureau of Economic Research), no. 18041.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We study the gains from trade in a model with endogenously variable markups. We show that the pro-competitive gains from trade are large if the economy is characterized by (i) extensive misallocation, i.e., large inefficiencies associated with markups, and (ii) a weak pattern of cross-country comparative advantage in individual sectors. We find strong evidence for both of these ingredients using producer-level data  Read more...
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Details

Named Person: David Ricardo
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Chris Edmond; Virgiliu Midrigan; Daniel Yi Xu; National Bureau of Economic Research.
OCLC Number: 793379123
Notes: Title from http://www.nber.org/papers/18041 viewed May 10, 2012.
"May 2012."
Has an online appendix (21 p.).
Description: 1 online resource (47 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 18041.
Responsibility: Chris Edmond, Virgiliu Midrigan, Daniel Yi Xu.

Abstract:

We study the gains from trade in a model with endogenously variable markups. We show that the pro-competitive gains from trade are large if the economy is characterized by (i) extensive misallocation, i.e., large inefficiencies associated with markups, and (ii) a weak pattern of cross-country comparative advantage in individual sectors. We find strong evidence for both of these ingredients using producer-level data for Taiwanese manufacturing establishments. Parameterizations of the model consistent with this data thus predict large pro-competitive gains from trade, much larger than those in standard Ricardian models. In stark contrast to standard Ricardian models, data on changes in trade volume are not sufficient for determining the gains from trade.

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