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Marshall's Scissors: The Gains and Losses from Trade 马歇尔剪刀:贸易的得失
Wiley-Blackwell: Review of International Economics Pub Date : 2012-02-01 DOI: 10.1111/j.1467-9396.2011.01006.x
R. Ruffin, Can Dogan
{"title":"Marshall's Scissors: The Gains and Losses from Trade","authors":"R. Ruffin, Can Dogan","doi":"10.1111/j.1467-9396.2011.01006.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.01006.x","url":null,"abstract":"In a Ricardian two‐factor endowment model with Cobb–Douglas tastes and many goods, this paper describesthe interaction of the demand and supply sides to determine the gains and losses from trade. If the abundant factor has a sufficiently rich profile of comparative advantages, trade causesthe proportionate gain to the abundant factor to be smaller than the proportionate loss to the scarce factor. However, if the abundant factor has sufficiently skewed comparative advantages toward the best goods, then the opposite will hold. Some examples suggest that these patterns may have something to do with the selection of trade regimes. In the usual one‐factor Ricardian model the gains from trade to a country are enhanced by higher demand shares for imports, but such gains from trade from imports to a country is not the case in a factor endowment model.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126282802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Another Look at the Underlying Cause of the End of the Bretton Woods System: International Price Differences Perspective 从国际价格差异的角度看布雷顿森林体系终结的根本原因
Wiley-Blackwell: Review of International Economics Pub Date : 2011-11-01 DOI: 10.1111/j.1467-9396.2011.00990.x
Yukio Fukumoto
{"title":"Another Look at the Underlying Cause of the End of the Bretton Woods System: International Price Differences Perspective","authors":"Yukio Fukumoto","doi":"10.1111/j.1467-9396.2011.00990.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00990.x","url":null,"abstract":"In this study, the sustainability of the Bretton Woods system from the standpoint of purchasing power parity is discussed. The paper uses wholesale price indexes of the group of seven industrialized countries (G‐7) and examines when persistent price disparities among the countries occurred by applying the panel unit root tests. It is found that the price indexes of G‐7 countries began to diverge in the first half of the 1960s. Evidence from international price differences suggests that the price indexes may have signaled the breakdown of the Bretton Woods system before the inflation rate in the USA accelerated.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130568912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Making Sense of Safeguards 保障措施的意义
Wiley-Blackwell: Review of International Economics Pub Date : 2011-11-01 DOI: 10.1111/j.1467-9396.2011.00987.x
James C. Hartigan
{"title":"Making Sense of Safeguards","authors":"James C. Hartigan","doi":"10.1111/j.1467-9396.2011.00987.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00987.x","url":null,"abstract":"The ASG was negotiated in response to the use of extralegal measures and inappropriate use of legal measures to restrict imports. More effective disciplines regarding implementation of Article XIX was recognized as an important unilateralism deterrent in policy implementation. These disciplines are subjective and objective. Disciplines that are quantifiable are more effective. Utilizing both balances rules and discretion. A home and foreign producer are used to assess SG in the context of adverse shocks. This framework entails a novel feature appropriate to SG. Firms are permitted to select optimal levels of downward flexibility in output in response to a possible shock. The extent of adjustment is directly related to the cost incurred. Firms choose flexibility in stage one and output in stage two. Without SG, firms will not insulate themselves completely from the conditional expectation of an adverse shock. Introducing the ASG increases the relative adjustment burden for the foreign firm.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116351310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Impact of Input and Output Tariffs on Firms' Productivity: Theory and Evidence 投入产出关税对企业生产率的影响:理论与证据
Wiley-Blackwell: Review of International Economics Pub Date : 2011-11-01 DOI: 10.1111/j.1467-9396.2011.00988.x
T. Luong
{"title":"The Impact of Input and Output Tariffs on Firms' Productivity: Theory and Evidence","authors":"T. Luong","doi":"10.1111/j.1467-9396.2011.00988.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00988.x","url":null,"abstract":"This paper studies the impact of trade liberalization on productivity. It shows that when intermediate inputs are not highly differentiated, lowering input tariffs leads to a rise in within‐firm productivity and wages, and lowering output tariffs has the opposite effect. When intermediate inputs are highly differentiated, the conclusions reverse. These predictions are supported by the data, given by the industrial survey from INEGI (Mexico's Insitituto Nacional de Estadistica Geografia e Informacion) in the period 1984–90. The paper yields estimates for the elasticity of substitution among intermediate inputs, which are useful in determining the direction of the impact of trade liberalization. These estimates can be used to assess the gains from trade liberalization.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129325755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 37
Monetary Integration in East Asia: Evidence from Real Effective Exchange Rates 东亚货币一体化:来自实际有效汇率的证据
Wiley-Blackwell: Review of International Economics Pub Date : 2011-11-01 DOI: 10.1111/j.1467-9396.2011.00991.x
Wei Sun, Gerald P. W. Simons
{"title":"Monetary Integration in East Asia: Evidence from Real Effective Exchange Rates","authors":"Wei Sun, Gerald P. W. Simons","doi":"10.1111/j.1467-9396.2011.00991.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00991.x","url":null,"abstract":"This paper investigates the feasibility of forming a monetary union in East Asia by examining the cointegration and causality of the real effective exchange rates of local currencies. A “pentagon” group of five countries is found - South Korea, the Philippines, Thailand, Indonesia, and Malaysia - which may have potential for success for further monetary integration. Singapore is loosely tied to this group. The Greater China area - China, Hong Kong and Taiwan - does not show any significant degree of integration either internally or externally. Neither a yen bloc nor a US dollar bloc is forming in East Asia.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133956830","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Structural Breaks and the Equilibrium Chinese Yuan/US Dollar Real Exchange Rate: A FEER Approach 结构性断裂与人民币/美元实际汇率均衡:FEER方法
Wiley-Blackwell: Review of International Economics Pub Date : 2011-11-01 DOI: 10.1111/j.1467-9396.2011.00986.x
Kefei You, Nicholas Sarantis
{"title":"Structural Breaks and the Equilibrium Chinese Yuan/US Dollar Real Exchange Rate: A FEER Approach","authors":"Kefei You, Nicholas Sarantis","doi":"10.1111/j.1467-9396.2011.00986.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00986.x","url":null,"abstract":"This paper examines the equilibrium Chinese yuan/US dollar (CNY/USD) real exchange rate within the framework of the fundamental equilibrium exchange rate (FEER) model. Endogenous structural breaks are allowed for in all cointegration relationships. Macroeconomic fundamentals that affect medium-term savings and investment and hence, the sustainable current account, are also highlighted. A unique set of quarterly data for the post-reform period (1982–2009) is constructed. This paper finds structural breaks in all trade and the sustainable current account equations. The misalignment rates show that the real exchange rate was overvalued in most years until 2003, followed by undervaluation during 2004–09. However, the average misalignment rates and revaluation required to correct this undervaluation are not as large as suggested by previous studies, with the undervaluation rate declining sharply in 2009. Further, misalignment rates are computed using a sustainable current account of 3%. The findings suggest such exogenous input leads to results biased towards larger undervaluation.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114400180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
Sectoral Capital–Labor Ratios and Total Factor Productivity: Evidence from Asia 行业资本劳动比率与全要素生产率:来自亚洲的证据
Wiley-Blackwell: Review of International Economics Pub Date : 2011-09-01 DOI: 10.1111/j.1467-9396.2011.00974.x
Vikas Kakkar, Isabel K. M. Yan
{"title":"Sectoral Capital–Labor Ratios and Total Factor Productivity: Evidence from Asia","authors":"Vikas Kakkar, Isabel K. M. Yan","doi":"10.1111/j.1467-9396.2011.00974.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00974.x","url":null,"abstract":"This paper examines the relationship between sectoral capita-labor ratios and total factor productivity (TFP) for six Asian economies in the context of the Balassa-Samuelson model. A strong prediction of the model is that the capital-labor ratios in both the traded- and nontraded-goods sectors depend on the TFP in the traded-goods sector. Both single-equation and panel cointegration tests support this implication of the model.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122011146","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
The Common Component in Forward Premiums: Evidence from the Asia–Pacific Region 远期溢价的共同成分:来自亚太地区的证据
Wiley-Blackwell: Review of International Economics Pub Date : 2011-09-01 DOI: 10.1111/j.1467-9396.2011.00979.x
Jun Nagayasu
{"title":"The Common Component in Forward Premiums: Evidence from the Asia–Pacific Region","authors":"Jun Nagayasu","doi":"10.1111/j.1467-9396.2011.00979.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00979.x","url":null,"abstract":"We empirically analyze the behavior of the forward premium. Unlike previous research, we use data from Asia–Pacific countries and adopt a panel data approach that allows us to decompose the forward premium into common and idiosyncratic components. Our data suggest the presence of one common factor and the stationarity of both components for short maturities, leading to the conclusion of a stationary forward premium. In contrast, the stationarity of the premium is less supported by the longer maturity data. Furthermore, a large portion of the premium fluctuation is shown to be due to a common factor, particularly over the short time horizon, which in turn can be explained by economic developments in the USA.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127071098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
International Outsourcing and Unemployment in a Minimum‐Wage Economy 最低工资经济中的国际外包与失业
Wiley-Blackwell: Review of International Economics Pub Date : 2011-09-01 DOI: 10.1111/j.1467-9396.2011.00981.x
Ting Zhang
{"title":"International Outsourcing and Unemployment in a Minimum‐Wage Economy","authors":"Ting Zhang","doi":"10.1111/j.1467-9396.2011.00981.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00981.x","url":null,"abstract":"To explore the impact of international outsourcing on unemployment and social welfare, the conventional trade model is extended by including both economies of scale and a minimum‐wage constraint in the unskilled‐labor market. In the paper, the scale economies are linked with the production of the most skill‐intensive good. It is shown that within such a framework, there is a trade‐off between a more socially desirable endowment allocation and a greater level of employment. Therefore, even though outsourcing could raise aggregate employment, this benefit is at the cost of further exacerbating the resource misallocation. In this way, the extensions to the traditional framework explored in the paper generate new insights as to why outsourcing may cause a net welfare loss to the home country.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"03 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129962023","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Monopolistic Competition and North–South Trade 垄断竞争与南北贸易
Wiley-Blackwell: Review of International Economics Pub Date : 2011-08-01 DOI: 10.1111/j.1467-9396.2011.00959.x
R. Oladi
{"title":"Monopolistic Competition and North–South Trade","authors":"R. Oladi","doi":"10.1111/j.1467-9396.2011.00959.x","DOIUrl":"https://doi.org/10.1111/j.1467-9396.2011.00959.x","url":null,"abstract":"We examine the consequences of opening to international trade for a developing economy with open urban unemployment and rural-urban migration, where the urban sector is monopolistically competitive. We show that there exists a threshold level of urbanization prior to which increases in product variety will be reflected in increased urban unemployment, that opening to intra-industry trade with a high-wage economy (i.e., North-South trade) will reduce the rate of urban unemployment by a greater amount than intra-industry trade with a similar economy, and that trade intervention in the South may lower welfare by reducing varieties produced in the North.","PeriodicalId":351939,"journal":{"name":"Wiley-Blackwell: Review of International Economics","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126404583","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 28
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