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Author: Kyoji Fukao
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 54
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Book Description
This paper attempts to integrate the theory of trade with that of capital movements, and to study the two country world where each nation has a different rate of time preference. It resolves the indeterminacy problem intrinsic in the Heckscher-Ohlin model where trade and factor movements coexist by assuming that capital movements are infinitesimally more costly than trade in goods. Under certain assumptions, one can dichotomize the behavior of asset accumulation from the dynamic pattern of trade specialization. Complete specialization will take place most; likely in the country with a higher rate of time preference, which specializes into the more labor intensive sector. It is shown that a single-commodity model does exaggerate the amount of capital movements, but that the qualitative nature of asset accumulation patterns obtained in a single-commodity model of capital movements holds intact in the model that incorporates trade. This paper offers another explanation to the Feldstein-Horioka paradox that domestic investment responds more closely to increasing savings than capital outflows do. If an economy is imperfectly specialized, increased savings will be absorbed in capital deepening rather than in capital outflow.
Author: Kyoji Fukao
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 54
Get Book Here
Book Description
This paper attempts to integrate the theory of trade with that of capital movements, and to study the two country world where each nation has a different rate of time preference. It resolves the indeterminacy problem intrinsic in the Heckscher-Ohlin model where trade and factor movements coexist by assuming that capital movements are infinitesimally more costly than trade in goods. Under certain assumptions, one can dichotomize the behavior of asset accumulation from the dynamic pattern of trade specialization. Complete specialization will take place most; likely in the country with a higher rate of time preference, which specializes into the more labor intensive sector. It is shown that a single-commodity model does exaggerate the amount of capital movements, but that the qualitative nature of asset accumulation patterns obtained in a single-commodity model of capital movements holds intact in the model that incorporates trade. This paper offers another explanation to the Feldstein-Horioka paradox that domestic investment responds more closely to increasing savings than capital outflows do. If an economy is imperfectly specialized, increased savings will be absorbed in capital deepening rather than in capital outflow.
Author: Toru Kikuchi
Publisher: Routledge
ISBN: 1136805575
Category : Business & Economics
Languages : en
Pages : 233
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Book Description
Advances in digital technology have driven large decreases in the costs of data transfer and telecommunications. There is a consequent increase in many kinds of international trade. One of the fastest-growing parts of this industry is "remote maintenance" whereby Indian companies debug software for companies in other parts of the world, often taking advantage of time zone differences to offer overnight service. In the existing literature on trade theory, however, relatively few attempts have been made to address the theme of communications networks and the role of time zones. The main purpose of this book is to illustrate, with simple models of international trade, how the introduction of communications networks and the utilization of time zone differences can affect both the structure of international trade and world welfare. Other technological aspects of recent international trade (e.g., competition between international standards, the impact of switching costs on imported products’ introduction) are also examined. Although a focus on theoretical trade models, the book will appeal to scholars, policy makers and business units who wish to learn from the recent changes in communications networks and its impact on the global economy. It provides information and suggestions for better policy formulation in the fast-changing world economy.
Author: Victor R. Fuchs
Publisher: University of Chicago Press
ISBN: 9780226267852
Category : Business & Economics
Languages : en
Pages : 352
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Book Description
Unlike earlier work in medical economics, which has focused on medical care, these ten papers stress the production and consequences of health itself. They reveal a serious concern with real-world health problems in their investigation of such subjects as infant mortality, life expectancy, morbidity, and disability. These papers are unusual, as well, in bringing to bear on these problems new and powerful theoretical and statistical tools. They draw on, and in some cases are, original sources for new bodies of data. As such, Economic Aspects of Health comprises a useful blend of relevance and rigor.
Author: G.M. Grossman
Publisher: Elsevier
ISBN: 0080933459
Category : Business & Economics
Languages : en
Pages : 896
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Book Description
Handbook of International Economics
Author: Hamid Beladi
Publisher: Emerald Group Publishing
ISBN: 0444531904
Category : Business & Economics
Languages : en
Pages : 478
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Book Description
Part of the "Frontiers in Economics & Globalization" series, this book deals with a range of trade and development issues in terms of the general equilibrium structure. It shows how neo-classical models of trade theory can be used to highlight many challenging global problems.
Author: Takashi Kamihigashi
Publisher: Springer Science & Business Media
ISBN: 3540786767
Category : Business & Economics
Languages : en
Pages : 532
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Book Description
Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought.
Author: Humberto Lopez
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
The social discount rate measures the rate at which a society would be willing to trade present for future consumption. As such it is one of the most critical inputs needed for cost-benefit analysis. This paper presents estimates of the social discount rates for nine Latin American countries. It is argued that if the recent track record in terms of growth in the region is indicative of future performance, estimates of the social discount rate would be in the 3-4 percent range. However, to the extent that the region improves on its past performance, the social discount rate to be used in the evaluation of projects would increase to the 5-7 percent range. The paper also argues that if the social planner gives a similar chance to the low and high growth scenario, the discount rate should be dependent on the horizon of the project, declining from 4.4 percent for a 25-year horizon to less than 4 percent for a 100-year horizon.
Author: John Stachurski
Publisher: Springer Science & Business Media
ISBN: 3642223974
Category : Business & Economics
Languages : en
Pages : 454
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Book Description
Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.
Author: Robert Becker
Publisher: Academic Press
ISBN: 1483216381
Category : Business & Economics
Languages : en
Pages : 630
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Book Description
General Equilibrium, Growth, and Trade, Volume II: The Legacy of Lionel McKenzie presents the impact of Lionel McKenzie's contributions on modern economics. This book discusses McKenzie's researches that are relevant in applied economic fields, including general equilibrium, optimal growth, and international trade. Organized into three parts encompassing 24 chapters, this volume begins with an overview of the existence of competitive equilibrium in an economy with a finite number of agents and commodities. This text then presents two analyses that are basically responses to criticism of the development of real indeterminacy. Other chapters consider McKenzie's assumption of irreducibility, which plays a significant role in showing how compensated equilibria will be uncompensated equilibria because agents have cheaper net trade vectors in their feasible sets. This book discusses as well some properties of competitive equilibria for dynamic exchange economies with an infinite horizon and incomplete financial markets. This book is a valuable resource for economists and economic theorists.
Author: Adam Klug
Publisher: Routledge
ISBN: 1134307063
Category : Business & Economics
Languages : en
Pages : 186
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Book Description
This book presents the results of a thorough survey into the different theories of international trade. Conducted by the Israeli economic historian Klug before his untimely death in 2000, and now available for the first time.
