Gains from Trade with Overlapping Generations
AbstractThis paper examines the welfare effects of international trade in a context of overlapping generations. It shows that, for a single trading country, uncompensated free trade may be Pareto inferior to autarky. However, for each government there are compensation schemes which guarantee welfare improvements for all local individuals when free trade is allowed, or when for a small open economy the terms of trade improve or the number of tradable goods increases, or when a customs union is formed.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 6 (1995)
Issue (Month): 2 (July)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- Kemp, M.C. & Wong, K.Y., 1992. "Gains from Trade with Overlapping Generations," Working Papers 92-06, University of Washington, Department of Economics.
- Kemp, M.C. & Wong, K.Y., 1992. "Gains from Trade with Overlapping Generations," Discussion Papers in Economics at the University of Washington 92-06, Department of Economics at the University of Washington.
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