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Firm Restructuring and the Optimal Speed of Trade Reform

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  • Bacchetta, Philippe
  • Dellas, Harris

Abstract

The authors study the consequences and optimality of alternative speeds of trade liberalization when investment (restructuring) activities help firms learn their true level of efficiency and determine survival prospects. In contrast to the existing literature, they find that a gradual trade reform might be preferred when authorities are more preoccupied with the longer term. The authors also show that costs of business closures have an ambiguous impact on the optimal pace of liberalization. Copyright 1997 by Royal Economic Society.

Suggested Citation

  • Bacchetta, Philippe & Dellas, Harris, 1997. "Firm Restructuring and the Optimal Speed of Trade Reform," Oxford Economic Papers, Oxford University Press, vol. 49(2), pages 291-306, April.
  • Handle: RePEc:oup:oxecpp:v:49:y:1997:i:2:p:291-306
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    Cited by:

    1. Mario Larch & Wolfgang Lechthaler, 2013. "Whom to send to Doha? The Short-sighted Ones!," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 16(4), pages 634-649, October.
    2. Philippe Bacchetta & Eric van Wincoop, 2000. "Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility," NBER Chapters,in: Capital Flows and the Emerging Economies: Theory, Evidence, and Controversies, pages 61-98 National Bureau of Economic Research, Inc.
    3. Albuquerque, Rui & Rebelo, Sergio, 2000. "On the dynamics of trade reform," Journal of International Economics, Elsevier, vol. 51(1), pages 21-47, June.
    4. Antelo, Manel & Bru, Lluis, 2010. "Outsourcing or restructuring: The dynamic choice," International Journal of Production Economics, Elsevier, vol. 123(1), pages 1-7, January.

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