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Échange international et distorsions internes. Comment gouverner la globalisation ?

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  • Jean-Luc Gaffard
  • Francesco Saraceno

Abstract

Changes in the pattern of international trade inevitably create distortions that perturb the functioning of the economy. These distortions may not be reduced to malfunctioning goods or labour markets, and hence cannot be eliminated by simply choosing the optimal institutions. Domestic distortions call for domestic solutions. To explore these solutions it is useless to analyze the properties of equilibria before and after the opening to trade. Rather, we need to build an analytical framework suited to investigate the characteristics of a transition process whose success is not guaranteed ex ante. it appears that wage rigidity and an easy access to external financial resources are necessary in presence of fast pace of change, while if change is sufficiently slow the standard recipe of wage flexibility may be appropriate. These results may help in the institutional and organizational choices to be implemented in economies willing to profit from international trade and globalization. JEL Classification: F16, F41.

Suggested Citation

  • Jean-Luc Gaffard & Francesco Saraceno, 2007. "Échange international et distorsions internes. Comment gouverner la globalisation ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 205-221.
    • Handle: RePEc:cai:reofsp:reof_102_0205
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    References listed on IDEAS

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    1. Mario Amendola & Jean‐Luc Gaffard & Francesco Saraceno, 2004. "Wage Flexibility and Unemployment: The Keynesian Perspective Revisited," Scottish Journal of Political Economy, Scottish Economic Society, vol. 51(5), pages 654-674, November.
    2. Jean-Luc Gaffard & Francesco Saraceno, 2007. "International Trade and Domestic Distortions: Modelling the Transition Process," Documents de Travail de l'OFCE 2007-18, Observatoire Francais des Conjonctures Economiques (OFCE).
    3. Amendola, Mario & Gaffard, Jean-Luc, 1998. "Out of Equilibrium," OUP Catalogue, Oxford University Press, number 9780198293804.
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    7. Paul Krugman, 1985. "A ‘Technology Gap’ Model of International Trade," International Economic Association Series, in: Karl Jungenfelt & Douglas Hague (ed.), Structural Adjustment in Developed Open Economies, chapter 2, pages 35-61, Palgrave Macmillan.
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    More about this item

    Keywords

    globalization; trade; financial constraints; wage flexibility; firm migration;
    All these keywords.

    JEL classification:

    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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