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발표자: Sangmin Lee (University of South Carolina)

주제: Globalization and Structural Transformation: The Role of Tradable Services

장소: 대우관 본관 3층 323호 (송하경 홀)

날짜: 05월 24일 금요일  오후 3시 00분 ~ 오후 4시 30분

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강의 요약

This paper studies how globalization, i.e., changes in trade costs for goods and services, affects the speed of structural transformation, i.e., the reallocation of GDP from goods to services. To this end, I construct a multi-country, multi-sector trade model with non-homothetic CES preferences and parameterize it with data for 66 countries from 1995 to 2018. In my model, globalization can affect structural transformation via changes in a country’s income, relative prices between goods and services, or comparative advantage. I demonstrate that the quantitatively most important factor is comparative advantage. Furthermore, I argue that to understand globalization’s impact on comparative advantage, hence structural transformation, it is crucial to incorporate trade in services and asymmetric trade costs, where a country’s export and import trade costs may differ. Counterfactual exercises show that, for countries whose export trade costs relative to import trade costs changed at similar rates for goods and services, comparative advantage remained largely unchanged, resulting in a minimal impact from globalization on structural transformation. The opposite result holds for the countries whose export trade costs relative to import trade costs for goods and services changed at different rates.