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Incomplete financial market and the sequence of international trade liberalization

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Yue Ma

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Abstract

In this paper, an incomplete financial market model was built to illustrate the impacts of the market incompleteness on the benefits of trade liberalization. Particularly, it will focus on the investigation of the impacts of different sequences of opening up the goods market. That is, should the government open up international trade simultaneously with the opening up of the domestic trade, i.e. implementing a 'shock therapy' approach? Or should the government liberalize the domestic goods market first, and then deregulate the international trade, i.e. following a 'gradualism' approach? This paper proves that the gradualism approach by opening up the domestic goods market before liberalization of the international trade can guarantee the successive improvement of everyone's welfare. Therefore, the gradualism approach is a Pareto-improvement sequence. Copyright © 2007 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/ijfe.352
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal International Journal of Finance & Economics.

Volume (Year): 13 (2008)
Issue (Month): 1 ()
Pages: 108-117
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Handle: RePEc:ijf:ijfiec:v:13:y:2008:i:1:p:108-117

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  1. Sebastian Edwards, 1989. "On the Sequencing of Structural Reforms," NBER Working Papers 3138, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Corbo, Vittorio & de Melo, Jaime & Tybout, James, 1986. "What Went Wrong with the Recent Reforms in the Southern Cone," Economic Development and Cultural Change, University of Chicago Press, vol. 34(3), pages 607-40, April.
  3. Parente, Stephen L & Rios-Rull, Jose-Victor, 2005. "The Success and Failure of Reforms in Transition Economies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 37(1), pages 23-42, February.
  4. Anne O. Krueger, 1997. "Trade Policy and Economic Development: How We Learn," NBER Working Papers 5896, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Corbo, Vittorio & De Melo, Jaime, 1985. "Overview and summary," World Development, Elsevier, vol. 13(8), pages 863-866, August. [Downloadable!] (restricted)
  6. Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December. [Downloadable!] (restricted)
  7. Krueger, Anne O, 1997. "Trade Policy and Economic Development: How We Learn," American Economic Review, American Economic Association, vol. 87(1), pages 1-22, March. [Downloadable!] (restricted)
  8. Mitsuhiko Kataoka & Takahiro Akita, 2003. "Regional Income Inequality in the Post-War Japan," ERSA conference papers ersa03p480, European Regional Science Association. [Downloadable!]
  9. Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March. [Downloadable!] (restricted)
  10. Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543.
  11. Mariano Tommasi, 1995. "Why Does it Take a Nixon to go to China?," UCLA Economics Working Papers 728, UCLA Department of Economics. [Downloadable!]
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  12. Stanley Fischer, 2003. "Globalization and Its Challenges," American Economic Review, American Economic Association, vol. 93(2), pages 1-30, May. [Downloadable!]
  13. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier. [Downloadable!] (restricted)
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