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1、NetworkIntermediariesinInternationalTradeJAMESE.RAUCHUniversityofCalifornia,SanDiegoLaJolla,CA92093-0508jrauch@ucsd.eduandNationalBureauofEconomicResearchCambridge,MA02138JOELWATSONUniversityofCalifornia,SanDiegoLaJolla,CA92093-0508jwatson@ucsd.eduMotivatedbyevidenceonthei
2、mportanceofincompleteinformationandnetworksininternationaltrade,weinvestigatethesupplyofnetworkinterme-diation.Webuildageneral-equilibriummodelinwhichagentswithnetworksofforeigncontactseithercanusetheirnetworksthemselvesinsupportofproductionorcanmaketheirnetworksavailablef
3、orotherstouseandtherebycanbecomenetworkintermediaries.Weusethismodelforcomparativestaticsandwelfareanalysis.Onewelfareconclusionisthatintermediariesmayhaveinadequateincentivestomaintainortoexpandtheirnetworks,suggestingarationaleforthepoliciesfollowedbysomecountriestoencou
4、ragelarge-scaletradingcompanies.1.IntroductionAsclassicalbarrierstointernationaltradesuchastariffsandtrans-portationcostshavefallenovertime,researchershavefocusedin-creasinglyoninformalbarrierstotrade.Oneinformalbarrierislackofinformationaboutinternationaltradingopportunit
5、ies(PortesandRey,1999).Animportantwayfor?rmstoobtaininformationistotapintothe“deepknowledge”ofintermediariesofthetypedescribedbyThispaperhasbene?tedfromdiscussionswithJoelSobelandfromcommentsfromparticipantsinseminarsattheUniversityofCalifornia,Irvine,UniversityofCaliforni
6、a–SanDiego,theNationalBureauofEconomicResearch(NBER)InternationalTradeandOrganizationsandInternationalTradeandInvestmentProgramMeetings,tworeferees,andacoeditor.FinancialsupportwasprovidedbyNationalScienceFoundation(NSF)grants#SES-0001832(Rauch)and#SES-0095207(Watson).c20
7、04BlackwellPublishing,350MainStreet,Malden,MA02148,USA,and9600GarsingtonRoad,OxfordOX42DQ,UK.JournalofEconomics&ManagementStrategy,Volume13,Number1,Spring2004,69–9370JournalofEconomics&ManagementStrategyRheeandSoulier(1989):“AshighlightedinourHongKongsurvey,themostimportan
8、tresourcethatETCs[exporttradingcompanies]haveistheirdeepknowledgeaboutexternalmarkets/buy