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Welfare Effect of Mergers and Multilateral Trade Liberalization

机译:兼并的福利效应与多边贸易自由化

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摘要

In a two-country model where firms behave a la Cournot, we show that trade liberalization increases (decreases) the social desirability of those mergers that generate sufficiently large (small) reductions in marginal cost. There exists a range of intermediate levels of marginal cost savings such that marginal tariff reductions increase (decrease) the desirability of merger at sufficiently low (high) tariff levels. Moreover, in the neighborhood of free trade, we show that if trade liberalization increases the profitability of a merger, it necessarily also increases its desirability.
机译:在两个国家的模型中,企业表现出“古拉诺式”,我们表明,贸易自由化提高了(减少)了产生足够大(小)边际成本减少的合并的社会需求。存在一系列中间水平的边际成本节省,以使边际关税降低可以提高(减少)在足够低(高)关税水平下进行合并的意愿。此外,在自由贸易附近,我们表明,如果贸易自由化增加了合并的获利能力,那么必然也增加了其合意性。

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  • 来源
    《Review of international economics》 |2012年第1期|p.119-133|共15页
  • 作者单位

    Department of Economics, The University of Winnipeg, 515 Portage Avenue, Winnipeg, MB, Canada R3B 2E9 and CentER, TILEC, Tilburg University, Warandelaan 2, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;

    Department of Economics, CIREQ, McGill University, 855 Sherbrooke Ouest, Montreal, QC, Canada, H3A-2T7;

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