Intermediation and Economic Integration
The theory of international trade has paid scant attention to market institutions. Neither neoclassical theory nor new trade models typically specify the process by which supply and demand meet. Yet in the real world, intermediaries play a central role in materializing the gains from exchange outlined by standard trade theories. In Antràs and Costinot (2010), we have developed a stylized but explicit model of intermediation in trade. In this short paper, we present a variant of this model that illustrates the potential role of intermediaries in facilitating the realization of the gains from trade.
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- Marcel Fafchamps & Ruth Vargas Hill, 2005.
"Selling at the Farmgate or Traveling to Market,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 87(3), pages 717-734.
- Marcel Fafchamps & Ruth Vargas Hill, 2004. "Selling at the farm-gate or travelling to market," CSAE Working Paper Series 2004-30, Centre for the Study of African Economies, University of Oxford.
- Marcel Fafchamps & Ruth Hill, 2004. "Selling at the Farm-Gate or Travelling to Market," Economics Series Working Papers WPS/2004-30, University of Oxford, Department of Economics.
- Antras, Pol & Costinot, Arnaud, 2011.
4784024, Harvard University Department of Economics.
- Gordon H. Hanson & Robert C. Feenstra, 2001.
"Intermediaries in Entrepot Trade: Hong Kong Re-Exports of Chinese Goods,"
NBER Working Papers
8088, National Bureau of Economic Research, Inc.
- Robert C. Feenstra & Gordon H. Hanson, 2004. "Intermediaries in Entrepot Trade: Hong Kong Re-Exports of Chinese Goods," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 13(1), pages 3-35, 03.
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