Factor Endowments, Democracy, and Trade Policy Divergence
TL;DR: In this article, the authors develop a stochastic model of electoral competition in order to study the economic and political determinants of trade policy, and derive the ideal policies of the different socioeconomic sectors.
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Abstract: We develop a stochastic model of electoral competition in order to study the economic and political determinants of trade policy. We model a small open economy with two tradable goods, each of which is produced using a sectorspecific factor (e.g., land and capital) and another factor that is mobile between these tradable sectors (labor); one nontradable good, which is also produced using a specific factor (skilled labor), and an elected government with the mandate to tax trade flows. The tax revenue is used to provide local public goods that increase the economic agents’ utility. We use this general equilibrium model to explicitly derive the ideal policies of the different socioeconomic
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TL;DR: In the last several years, a branch of applied econometrics has developed which is devoted to the development of techniques for the estimation of demand and other functions when the budget constraint is "piecewise-linear," or "kinky"-that is, when the constraint consists of a number of segments joined together at kink points as mentioned in this paper.
•Posted Content
Factor Endowments, Democracy and Trade Policy Divergence
TL;DR: In this paper, the authors develop a stochastic model of electoral competition in order to study the economic and political determinants of trade policy, and derive the preferences of different socioeconomic groups in society (landlords, industrialists, labor and skilled workers).