本文是根據JoAnne Feeney的模型架構延伸，主要探討開放國內與國際資產市場對於商品貿易自由化的影響，在一小型開放經濟體係下，國內代表性個人同時為生產者與消費者，我們將討論在資本財股權皆可貿易和部份資本財股權不可貿易兩種情形下，探討開放資產市場後，代表性個人可透過資產市場來分散所得風險，以降低其向政府遊說課徵進口關稅來保護自己產業的意願。在資本財股權皆可貿易下，開放資產市場確能達到貿易自由化的目的；但如果有些資本財股權是不可貿易的情形下，則須考量受進口競爭產業的規模與不可貿易資本財股權佔所得比例而定，雖然有些情形不能達成完全自由化，但開放資產市場多多少少還是能減少代表性個人向政府遊說的意願，降低商品貿易的障礙。

Backus David K., Kehoe Patrick J., Kydland Finn E., 1992,“International real bussiness cycles”, Journal of Political Economy, 100, 745-775.
Cole Harold,1988, “Financial structure and international trade”, International Economic Review, 29, 237-258.
Cole Harold, Obstfeld Maurice, 1991, “Commodity trade and international risk sharing-How much do financial markets matter”, Journal of Monetary Economics, 28, 3-24.
Cole Harold, 1993, “The macroeconomic effects of world trade in financial assets”, Federal Reserve Bank of Minneapolis Quarterly Review, 17, No3.
Devereux Michael, Smith Gregor, 1994, “International risk sharing and economic growth”, International Economic Review, 35, 535-550.
Devereux Michael, Lee Khang Min, 1999, “Endogenous trade policy and the gains from international financial markets”,Journal of Monetary Economics, 43, 35-59.
Edwards Sebastian, Sweder van Wijnbergen, 1986, “The welfare effects of trade and capital market liberalization”, International Economic Review, 27, 141-148.
Feeney JoAnne, 1994a, “Goods and asset market interdependence in a risky world”, International Economic Review, 35, 551-563.
Feeney JoAnne, 1994b, “International market interdependence and learning by doing in a risk world”, Weltwirtschaftliches Archiv 130, 101-117.
Feeney JoAnne, 1999, “International risk sharing, learning by doing, and growth”, Journal of Development Economics, 58, 297-318.
Feeney JoAnne, Hillman Arye L., 2001, “Trade liberalization and asset markets”, Working paper.
Helpman Elhanan, Razin Assaf, 1978, A Theory of International Trade under Uncertainty, Academic Press.
Lee Sanghack, 1990, “International equity markets and trade policy”, Journal of International Economics, 29, 173-184.
Obstfeld Maurice, Rogoff Kenneth, 1996, Foundations of International Macroeconomics, The MIT Press.
Svensson Lars E.O., 1988, “Trade in risky assets”, American Economic Review, 78, 375-394.
Svensson Lars E.O., 1989, “Trade in nominal assets”, Journal of International Economics, 26, 1-28.
Svensson Lars E.O., Persson Torsten, 1989, “Exchange rate variability and asset trade”, Journal of Monetary Economics, 23, 485-509.
Schonhardt-Bailey Cheryl, 1991, “Specific factors, capital markets, portfolio diversification, and free trade:Domestic determinants of the repeal of the Corn Laws”, World Politics, 43, 545-569.
Stockman Alan, Harris Dellas, 1986, “Asset markets, tariffs, and political risk”, Journal of International Economics, 21, 199-213.
Van Wincoop Eric, 1994, “Welfare gains from international risksharing”, Journal of Monetary Economics, 34, 175-200.