Although research has examined the effects of trade on entrepreneur income inequality, the welfare implications of such effects are not well understood. To address this issue, I develop a dynamic model of trade with incomplete markets. In the model, exporting entrepreneurs have both the highest profit and the highest saving rate in the economy. An increase in trade openness increases the share of total profits received by exporters, and thus increases the aggregate supply of capital in the economy. The model reconciles a number of documented stylized facts. Quantitative analysis shows that the novel mechanism in the model amplifies the trade-induced increase in capital stock by 2.1 percentage points, and the trade-induced increase in wage by 0.7 percentage point relative to a comparable benchmark.

唐立鑫，现任暨南大学经济与社会研究院副教授，于2015年获得马里兰大学经济学博士学位。研究领域为国际经济学、发展经济学，研究成果发表于Journal of International Economics、Journal of Development Economics、Review of Economic Dynamics、Journal of Human Resources 。