[雙語翻譯]貿(mào)易壁壘外文翻譯--貿(mào)易壁壘和貿(mào)易品的相對價格

1、1900 英文單詞， 英文單詞，10500 英文字符，中文 英文字符，中文 3150 字文獻出處： 文獻出處：Sposi, Michael. “Trade barriers and the relative price of tradables.“ Journal of International Economics 96.2 (2015): 398-411.Trade barriers and the relative price o

2、f tradablesMichael SposiAbstractIn this paper I quantitatively address the role of trade barriers in explaining why prices of services relative to tradables are positively correlated with levels of development across cou

3、ntries. I argue that trade barriers play a crucial role in shaping the cross-country pattern of specialization across many tradable goods. I construct a multi-country, general equilibrium model of trade and derive tracta

4、ble predictions that show how specialization affects relative prices. I calibrate the model to match the patterns of prices, levels of development, and bilateral trade across 103 countries. Through counterfactuals I find

5、 that removing trade barriers eliminates more than half of the gap in the relative price of services between rich and poor countries with only a minimal systematic effect on the absolute price of tradables.Keywords: Rela

6、tive prices; Tradables ; Nontradables; Trade barriers1. IntroductionA striking feature of cross-country price data is that the price of services relative to tradable goods correlates positively with levels of development

7、. It is important to understand the fundamental sources of what causes differences in relative prices across countries for at least two reasons. First, relative prices lie at the heart of understanding real exchange rate

8、s (see for instance Burstein et al. (2005)). Second, relative prices play a crucial role in understanding income differences across countries; sectoral productivity differences across countries are often inferred from di

9、fferences in relative prices (e.g., Restuccia and Urrutia, 2001; Hsieh and Klenow, 2007).Modern globalization has resulted in tighter integration in goods markets across countries. The world trade-to-GDP ratio increased

10、from 0.14 in 1990 to 0.25 in 2011. However, there remain substantial barriers to international trade. In this paper I explore how trade barriers affect the distribution of the price of services relative to tradables acro

11、ss countries. I argue that trade barriers affect relative prices through their impact on productivity in the tradables sector. My main finding is that removing trade barriers eliminates more than half of the gap in the r

12、elative price of services between rich and poor countries with only a minimal systematic effect on the absolute price of tradables.One of the first explanations for why relative prices co-vary positively with development

13、 is due to Balassa (1964) and Samuelson (1964). The Balassa–Samuelson hypothesis postulates that there are larger cross-country productivity differences in tradable goods than in nontradable goods. There are four main co

14、mponents that drive the Balassa–Samuelson result: 1) large cross-country productivity differences in tradables, 2) small cross-country productivity differences in nontradables, 3) free trade, and 4) perfectly mobile labo

15、r within a country across tradables and nontradables. These four components imply that, in each country, the relative price of nontradables is equal to the inverse of its (exogenous) relative productivity. I build on the

16、 Balassa– Samuelson hypothesis by relaxing the first three assumptions. Instead, I infer the magnitude of productivity differences and the size of trade barriers by interacting a general equilibrium model of trade with d

17、ata on prices, levels of development, and bilateral trade.countries is more sensitive than that of rich countries to a given change in trade barriers. As a result, the gap in wages between rich and poor countries also fa

18、lls, leading to a reduction in the gap in the price of services. I also show that if all countries faced the same barrier as the U.S. then the gap the relative price of services between rich and poor countries would fall

19、 by more than 15%.My findings relate to the literature on cross-country differences in relative prices and relative productivity. Hsieh and Klenow (2007) use relative prices to infer relative productivity of tradable and

20、 nontradable investment and consumption goods. They show that the observed price of tradable investment goods exhibits little-to-no systematic correlation with income per worker across countries. This fact leads them to

21、conclude that trade barriers are not an important component in delivering relative price differences. Instead, they argue that differences in relative prices reflect the fact that poor countries are inefficient at produc

22、ing tradable investment goods and also inefficient at producing other goods that can be traded in exchange for investment goods. Their conclusion is inferred partly because their model has two tradable goods, and is not

23、designed to address the pattern of bilateral trade across many countries. Relative to Hsieh and Klenow (2007) I exploit the data on the pattern of bilateral trade in order to infer trade barriers and productivity jointly

24、. I find that cross-country differences in trade barriers are very important in order to explain the variation in prices of nontradable goods, while being consistent with the prices of tradable goods.Recent studies have

25、searched for mechanisms that give rise to the Balassa–Samuelson effect. For instance, Bergin et al. (2006) argue that the cross-country productivity gap is higher in tradables than in nontradables because more productive

26、 firms drive out less productive firms, and more productive firms tend to produce tradable goods. Buera et al. (2011) argue that financial frictions result in a misallocation of productive resources across sectors result

27、ing in larger cross-country productivity differences in goods than in services.A related strand of literature focuses exclusively on cross-country variation in the prices of retail goods. Giri (2012) shows that incorpora

28、ting distribution margins into a Ricardian model of trade with trade barriers can help explain the cross-sectional pattern of prices of retail goods across countries. The distribution margin contributes to higher prices

29、of retail goods in rich countries because distribution services have a higher price. Crucini and Yilmazkuday (2009) study retail price dispersion across international cities. They develop a two-sector, multi-city, genera

30、l equilibrium model with a large number of goods and good-specific distribution margins. They use their model to estimate distribution margins for each good and quantify the importance of both trade costs and distributio

31、n costs on deviations from the law of one price.Alessandria and Kaboski (2011) show that pricing-to-market accounts for a large share of deviations from absolute PPP across rich and poor countries, and that pricing-to-ma

32、rket may be even more important than distribution margins. Simonovska (forthcoming) documents a positive elasticity in the price of tradables (at the retail level) with respect to income per worker, using evidence from a

33、 particular online apparel exporter. She shows that price discrimination is quantitatively important for the systematic variation in the prices across destinations. In her model non-homothetic preferences result in highe

34、r price elasticities of demand for retail goods in rich countries, leading to higher markups and higher prices of retail goods.My paper abstracts from price discrimination. Instead, prices in my model differ across count