摘要：时间：2014年5月20日（周二）10：30－12：00 am

地点：北大国发院/中国经济研究中心512教室

主持：余淼杰

主讲：Prof. Zhang Guoxiong (Shanghai Jiao Tong University)

主题: Trade Liberalization and Capital Flows: a Perspective of Comparative Advantage and Heterogeneous Firms

摘要：Cross-country data suggests a non-linear relationship between trade liberalization and capital flows from developing countries to developed countries. Drawing upon this observation, we first propose a static model that nests Melitz style heterogeneous firms with endogenous mark-ups within a classical Heckscher-Ohlin style comparative advantage framework. In this integrated model, trade liberalization not only raises domestic firms’ productivity but also reallocates labor to comparatively advantageous sectors. These two effects are interactive and work in opposite directions to shape changes in real rental rate after trade liberalization. Using a large panel of firm-level data, we find that these two effects coexisted during China’s trade liberalization around 2001. We then extend the static model to a dynamic Heckscher-Ohlin model with heterogeneous firms. In this dynamic setting, the developing country’s current account exhibits a S-shape response after a once-for-all tariff reduction. These empirical facts and the proposed model suggest that trade liberalization does not necessarily exacerbate the “global imbalance”. In fact, as trade liberalization proceeds further, it may even alleviate such an imbalance.

演讲者简介：张国雄，现为上海交通大学安泰经济与管理学院助教授，博士毕业于加州大学欧文分校。主要研究兴趣为国际经济学、货币经济学、贝叶斯计量经济学，已在Economics Letters上发表文章。