信息摩擦的真实影响:当美国和英国联合起来

IF 10.5 1区经济学 Q1 ECONOMICS

American Economic Review Pub Date : 2018-02-28 DOI:10.1257/AER.20150681

C. Steinwender

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引用次数: 108

摘要

本文利用一个独特的历史实验来估计信息摩擦是如何扭曲国际贸易的:1866年跨大西洋电报的建立。我使用最新收集的关于棉花价格、贸易和历史报纸信息流的数据，发现电报出现后，大西洋两岸价差的平均值和波动性下降，而平均贸易流量增加并变得更加不稳定。在一个贸易模型中，出口商使用国外市场的最新消息来预测预期价格，我估计电报的效率收益相当于出口价值的8%。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Real Effects of Information Frictions: When the States and the Kingdom Became United

This paper exploits a unique historical experiment to estimate how information frictions distort international trade: the establishment of the transatlantic telegraph in 1866. I use newly collected data on cotton prices, trade, and information flows from historical newspapers and find that the average and volatility of the transatlantic price difference fell after the telegraph, while average trade flows increased and became more volatile. Using a trade model in which exporters use the latest news about a foreign market to forecast expected prices, I estimate the efficiency gains of the telegraph to be equivalent to 8 percent of export value.

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来源期刊

American Economic Review ECONOMICS-

CiteScore

18.60

自引率

2.80%

发文量

122

期刊介绍： The American Economic Review (AER) stands as a prestigious general-interest economics journal. Founded in 1911, it holds the distinction of being one of the nation's oldest and most esteemed scholarly journals in economics. With a commitment to academic excellence, the AER releases 12 issues annually, featuring articles that span a wide spectrum of economic topics.