AER_2012_Trade Liberalization andEmbedded

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1、TradeLiberalizationandEmbeddedInstitutionalReform:EvidencefromChineseExportersAmitK.KhandelwalyPeterK.SchottzShang-JinWeixFirstDraft:October2010FinalDraft:October2012AcceptedatTheAmericanEconomicReviewAbstractIftradebarriersaremanagedbyinecientinstitutions,tr

2、adeliberaliza-tioncanleadtogreater-than-expectedgains.WeexamineChinesetextileandclothingexportsbeforeandaftertheeliminationofexternallyimposedexportquotas.Boththesurgeinexportvolumeandthedeclineinexportpricesfollowingquotaremovalaredrivenbynetentry.Thisoutcomei

3、sinconsistentwithamodelinwhichquotasareallocatedbasedonrmpro-ductivity,implyingmisallocationofresources.Removingthismisallocationaccountsforasubstantialshareoftheoverallgaininproductivityassociatedwithquotaremoval.Keywords:China;Productivity;Misallocation;Quot

4、as;MultiberArrangement;State-ownedEnterprisesJELClassication:F1,O1Wethankthreeanonymousreferees,JaeBinAhn,DavidAtkin,FrancisoBuera,LorenzoCaliendo,A.V.Chari,ArnaudCostinot,JonathanDingel,GeneGrossman,KalinaManova,ThomasMoore,NinaPavcnik,SiddharthSharma,OlgaT

5、imoshenko,JonathanVogel,DanielXuandseminarparticipantsforhelpfulcommentsandsuggestions.DiFuprovidedexcellentresearchassistance.WeacknowledgefundingfromtheProgramforFinancialStudiesatColumbiaBusinessSchoolandtheNationalScienceFoundation(SES-0550190).yColumbiaBus

6、inessSchool,UrisHall,3022Broadway,NewYork,NY10027,tel:(212)854-7506,fax:(212)316-9219,email:ak2796@columbia.eduzYaleSchoolofManagement,135ProspectStreet,NewHaven,CT06520,tel:(203)436-4260,fax:(203)432-6974,email:peter.schott@yale.eduxColumbiaBusinessSchool,Uris

7、Hall,3022Broadway,NewYork,NY10027,tel:(212)854-9139,fax:(212)316-9219,email:shangjin.wei@columbia.edu1Institutionsthatdistorttheecientallocationofresourcesacrossrmscanhaveasizableeectoneconomicoutcomes.HsiehandKlenow(2009),forex-ample,estimatethatdistortions

8、intheChineseeconomyreducemanufacturingproductivityby30to50percentrelativetoanoptimaldistributionofcapitalandlaboracrossexistingmanufacturers.Whileresearchinthisareaoftenconc