Intermediation and Economic Integration

  title={Intermediation and Economic Integration},
  author={Pol Antr{\`a}s and Arnaud Costinot}
  • Pol Antràs, Arnaud Costinot
The theory of international trade has paid scant attention to market institutions. Neither neoclassical theory nor new trade models typically specify the process by which supply and demand meet. Yet in the real world, intermediaries play a central role in materializing the gains from exchange outlined by standard trade theories. AC hereafter, we have developed a stylized but explicit model of intermediation in trade. In this paper, we present a variant of AC that illustrates the potential role… CONTINUE READING

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