2022 G. Brancaccio, M. Kalouptsidi, T. P. "Geography, Transportation, and Endogenous Trade Costs” скачать в хорошем качестве

2022 G. Brancaccio, M. Kalouptsidi, T. P. "Geography, Transportation, and Endogenous Trade Costs”

Giulia Brancaccio, Myrto Kalouptsidi & Theodore Papageorgiou “Geography, Transportation, and Endogenous Trade Costs” What if trade costs are not fixed parameters — but outcomes of market equilibrium? Traditional trade models treat transportation costs as exogenous frictions, often summarized as iceberg costs. Yet in reality, shipping prices fluctuate with global imbalances, vessel availability, and bargaining between exporters and carriers. Brancaccio, Kalouptsidi, and Papageorgiou brought transportation markets into the core of trade theory. They developed a structural model in which exporters and ships match in a search-and-bargaining framework. Shipping prices emerge endogenously from market conditions, and trade imbalances generate empty return trips that affect freight rates asymmetrically across routes. Using detailed vessel-level data and global shipping information, the authors identified matching frictions, bargaining parameters, and transport supply elasticity. They then embedded this shipping equilibrium within a broader international trade model. The key insight is that trade costs are shaped by equilibrium forces in transportation markets. Ignoring this endogeneity misses a critical channel through which global shocks propagate. The 2022 Frisch Medal recognized a major advance in quantitative trade. Transportation is not just geography — it is a market. And modeling that market reshapes our understanding of globalization. Trade costs are not given. They are determined.