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Capital Accumulation And The Welfare Gains From Trade
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Book Synopsis Capital Accumulation and the Welfare Gains from Trade by : Wyatt Brooks
Download or read book Capital Accumulation and the Welfare Gains from Trade written by Wyatt Brooks and published by . This book was released on 2017 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We measure the gains from a trade cost reduction in a model with dynamic accumulation of factors. We show that the tight link between import intensity and gains from trade that exists in static models breaks down along transition paths in dynamic models. When trade costs are reduced, the need to accumulate factors temporarily shifts spending from consumption to investment. Import intensity may rise or fall along the transition path, depending on the relative import intensity of consumption and investment. Calibrating the model to the U.S. economy, we find that investment is more import intensive than consumption, so that import intensity is falling along the transition path even as consumption is rising. Therefore, while higher import intensity is associated with higher consumption when comparing steady states (as in static models), it is associated with lower consumption along a given transition path. We also consider the case of endogenous firm creation as another form of investment and factor accumulation, and again find a negative relationship between consumption and import intensity along the transition path.
Book Synopsis Capital Accumulation and Dynamic Gains from Trade by : B. Ravikumar
Download or read book Capital Accumulation and Dynamic Gains from Trade written by B. Ravikumar and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compute welfare gains from trade in a dynamic, multicountry model with capital accumulation. We examine transition paths for 93 countries following a permanent, uniform, unanticipated trade liberalization. Both the relative price of investment and the investment rate respond to changes in trade frictions. Relative to a static model, the dynamic welfare gains in a model with balanced trade are three times as large. The gains including transition are 60 percent of those computed by comparing only steady states. Trade imbalances have negligible effects on the cross-country distribution of dynamic gains. However, relative to the balanced-trade model, small, less-developed countries accrue the gains faster in a model with trade imbalances by running trade deficits in the short run but have lower consumption in the long-run. In both models, most of the dynamic gains are driven by capital accumulation.
Book Synopsis TFP, Capital Deepening, and Gains from Trade by : B. Ravikumar
Download or read book TFP, Capital Deepening, and Gains from Trade written by B. Ravikumar and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, Capital Accumulation, and the Environment by : Gang Li
Download or read book Trade, Capital Accumulation, and the Environment written by Gang Li and published by . This book was released on 2015 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: To highlight endogenous capital accumulation in shaping the interaction between trade and the environment, I develop a two-sector Ramsey model featuring agriculture impaired by pollution from production. Trade raises capital rental and encourages investment. Under laissez faire, this scale effect leads to environmental degradation in the long run, even if the economy specializes in the relatively clean sector. Specialization pattern in the long run depends upon pre-trade comparative advantage. Welfare gains from trade is ambiguous. The social optimum can be achieved through a dynamic version of the Pigouvian tax, with a lump-sum transfer to households. Under optimal policy, trade does not necessarily harm the environment. The long-run specialization pattern may depend upon the initial condition as well.
Book Synopsis Trade and Economic Growth by : Julia Martins
Download or read book Trade and Economic Growth written by Julia Martins and published by GRIN Verlag. This book was released on 2011-06-28 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2010 in the subject Economics - Foreign Trade Theory, Trade Policy, grade: 1,0, Vienna University of Economics and Business (Institut für Außenwirtschaft und Entwicklung), language: English, abstract: The following paper relates two of the most important economic phenomena, namely economic growth and international trade. Before analysing the relationship between two economic phenomena in detail, an overview of some of the most prominent empirical empirical studies concerning the relationship between openness to international trade and economic growth in general is provided. As most of them seem to have reached the conclusion that trade influences growth in a positive way, the question for the reasons of this presumably positive relationship arises. Factors which cause or influence economic growth in general as well as various channels through which trade might have an influence on growth are presented in the third and forth section. The importance of various sources of economic and the Solow-Model and the AK-Model are introduced in order to distinguish between long-run and short-run effects of capital accumulation, learning by doing and R&D on economic growth. The remaining analysis concentrates on one channel in particular, namely on how trade determines a country's import and export structure. The importance of the range of products a country produces is enormous and affects economic growth and welfare. The fifth section introduces the static Ricardian model of comparative advantage in order to show how productivity levels dictate the patterns of trade and determine which products a country produces depending on static productivity levels at the time a country opens up to trade. Since productivity levels do, however, not remain constant but are influenced by learning by doing and specialisation, dynamic effects of specialisation on comparative advantage should not be neglected. For this purpose, a model of dynamic comparative advantage is introduced in the sixth section. It shows how comparative advantages which exist at the time an economy opens up to trade tend to lock in and determine trade patterns in the long run. The question is raised when an economy should open up to trade and a justification of the infant industry argument is provided on theoretical grounds. The paper is concluded by a welfare analysis, which tries to answer the question under which conditions free trade or protectionist policies are best suited for a country.
Book Synopsis The Effects of Trade Related Policy on Growth and Welfare by : Joy Mazumdar
Download or read book The Effects of Trade Related Policy on Growth and Welfare written by Joy Mazumdar and published by . This book was released on 1996 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade Policy and Economic Welfare by : W. Max. Corden
Download or read book Trade Policy and Economic Welfare written by W. Max. Corden and published by Oxford University Press. This book was released on 1997-02-20 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: The second edition of this classic text on international economics includes three completely new chapters on the environment and trade policy, strategic trade policy, and the relationship between trade policy and the exchange rate. The first edition introduced a number of ideas into policy circles; the new edition has been shortened and substantially revised to point up the themes that have subsequently become prominent in discussions of free trade and protection. Trade Policy and Economic Welfare expounds the normative theory of trade policy. It includes discussion of static and dynamic arguments for protection; effects of trade policy on income distribution, monopoly, X-efficieny, foreign investment and capital accumulation; protection of advanced-technology industries; the choice between tariffs and subsidies as methods of protection. The chapters are self-contained to allow flexible use of the book in teaching undergraduate courses on international trade and the economics of developing countries.
Book Synopsis Capital Acumulation and the Welfare Gains from Trade by :
Download or read book Capital Acumulation and the Welfare Gains from Trade written by and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Trade and Capital Accumulation in an Overlapping Generations Model with a Public Intermediate Good by : Tsuyoshi Shinozaki
Download or read book International Trade and Capital Accumulation in an Overlapping Generations Model with a Public Intermediate Good written by Tsuyoshi Shinozaki and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the effects of a public intermediate good on trade patterns, capital accumulation, and the gains from trade in a two-country, three-sector overlapping generations model. A public intermediate good affects not only the productivity of private production but capital accumulation; thus, the results differ from those obtained in previous studies. First, opening to trade may accelerate capital accumulation in the higher-savings country. Additionally, the country producing a public intermediate good more (which is labor-intensive) may be the importer of the investment good (which is the most capital-intensive). Finally, the lower-savings country may have lower steady-state welfare under trade.
Book Synopsis The Dynamic Effects of Trade Liberalization by : Joseph F. Francois
Download or read book The Dynamic Effects of Trade Liberalization written by Joseph F. Francois and published by . This book was released on 1993 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Essay on Trade and Transformation by : Staffan Burenstam Linder
Download or read book An Essay on Trade and Transformation written by Staffan Burenstam Linder and published by . This book was released on 1961 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade and Human Capital Accumulation by : Dörte Dömeland
Download or read book Trade and Human Capital Accumulation written by Dörte Dömeland and published by World Bank Publications. This book was released on 2007 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides empirical evidence that trade increases on-the-job human capital accumulation by estimating the effect of home country openness on estimated returns to home country experience of U.S. immigrants. The positive effect of trade on on-the-job human capital accumulation remains significant when controlling for GDP, educational attainment, and institutional quality. It is not the result of self-selection, heterogeneity in returns to experience, English-speaking origin, or cultural background. The effect persists when restricting the sample to non-OECD countries, thereby resolving the theoretical ambiguity of whether trade increases or decreases learning-by-doing. The role of trade in generating economic growth is therefore likely to be more important than generally considered.
Book Synopsis Trade, Balance of Payments and Growth by : Charles Poor Kindleberger
Download or read book Trade, Balance of Payments and Growth written by Charles Poor Kindleberger and published by Amsterdam : North-Holland Publishing Company. This book was released on 1971 with total page 552 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compilation of essays, written by former students and associates of charles p. Kindleberger to commemorate his 60th birthday and his work as an economist, on the economic analysis of trade, balance of payments and economic growth - includes papers on the economic theory of distortions and welfare, general equilibrium of a three by two model, international capital flow, the wages differential problem, etc., and on relationships between trade, development aid and economic development. Festschrift kindleberger cp.
Book Synopsis Trade and the Environment by : Brian R. Copeland
Download or read book Trade and the Environment written by Brian R. Copeland and published by Princeton University Press. This book was released on 2013-12-03 with total page 305 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nowhere has the divide between advocates and critics of globalization been more striking than in debates over free trade and the environment. And yet the literature on the subject is high on rhetoric and low on results. This book is the first to systematically investigate the subject using both economic theory and empirical analysis. Brian Copeland and Scott Taylor establish a powerful theoretical framework for examining the impact of international trade on local pollution levels, and use it to offer a uniquely integrated treatment of the links between economic growth, liberalized trade, and the environment. The results will surprise many. The authors set out the two leading theories linking international trade to environmental outcomes, develop the empirical implications, and examine their validity using data on measured sulfur dioxide concentrations from over 100 cities worldwide during the period from 1971 to 1986. The empirical results are provocative. For an average country in the sample, free trade is good for the environment. There is little evidence that developing countries will specialize in pollution-intensive products with further trade. In fact, the results suggest just the opposite: free trade will shift pollution-intensive goods production from poor countries with lax regulation to rich countries with tight regulation, thereby lowering world pollution. The results also suggest that pollution declines amid economic growth fueled by economy-wide technological progress but rises when growth is fueled by capital accumulation alone. Lucidly argued and authoritatively written, this book will provide students and researchers of international trade and environmental economics a more reliable way of thinking about this contentious issue, and the methodological tools with which to do so.
Book Synopsis Exporting Through Intermediaries: Impact on Export Dynamics and Welfare by : Parisa Kamali
Download or read book Exporting Through Intermediaries: Impact on Export Dynamics and Welfare written by Parisa Kamali and published by International Monetary Fund. This book was released on 2019-12-27 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In many countries, a sizable share of international trade is carried out by intermediaries. While large firms tend to export to foreign markets directly, smaller firms typically export via intermediaries (indirect exporting). I document a set of facts that characterize the dynamic nature of indirect exporting using firm-level data from Vietnam and develop a dynamic trade model with both direct and indirect exporting modes and customer accumulation. The model is calibrated to match the dynamic moments of the data. The calibration yields fixed costs of indirect exporting that are less than a third of those of direct exporting, the variable costs of indirect exporting are twice higher, and demand for the indirectly exported products grows more slowly. Decomposing the gains from indirect and direct exporting, I find that 18 percent of the gains from trade in Vietnam are generated by indirect exporters. Finally, I demonstrate that a dynamic model that excludes the indirect exporting channel will overstate the welfare gains associated with trade liberalization by a factor of two.
Book Synopsis Trade and Human Capital Accumulation by : Dorte Domeland
Download or read book Trade and Human Capital Accumulation written by Dorte Domeland and published by . This book was released on 2016 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides empirical evidence that trade increases on-the-job human capital accumulation by estimating the effect of home country openness on estimated returns to home country experience of U.S. immigrants. The positive effect of trade on on-the-job human capital accumulation remains significant when controlling for GDP, educational attainment, and institutional quality. It is not the result of self-selection, heterogeneity in returns to experience, English-speaking origin, or cultural background. The effect persists when restricting the sample to non-OECD countries, thereby resolving the theoretical ambiguity of whether trade increases or decreases learning-by-doing. The role of trade in generating economic growth is therefore likely to be more important than generally considered.
Book Synopsis Trade Policy in Developing Countries by : Edward F. Buffie
Download or read book Trade Policy in Developing Countries written by Edward F. Buffie and published by Cambridge University Press. This book was released on 2001-01-15 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes trade policy in an integrated theoretical framework based on optimizing dynamic models.
