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1
UID:
gbv_789743353
Format: Online Ressource (xiii, 623 pages) , illustrations.
Edition: Online-Ausg.
ISBN: 0444867929 , 9780444867926
Series Statement: Handbooks in economics bk. 3
Content: This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with macroeconomic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior
Content: This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with macroeconomic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior
Note: Includes bibliographical references and indexes. - Print version record , v. 1. The positive theory of international trade , Higher dimensional issues in trade theory , Growth and development in trade models , International factor movements , Capital theory and trade theory , Increasing returns, imperfect markets, and trade theory , The role of natural resources in trade models , Uncertainty in trade models , Testing trade theories and predicting trade flows , Trade policies in developing countries , Trade policies in developed countries
Language: English
Subjects: Economics
RVK:
RVK:
Keywords: Weltwirtschaft ; Welthandel ; Electronic books
URL: Volltext  (Deutschlandweit zugänglich)
Author information: Kenen, Peter B. 1932-2012
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Associated Volumes
  • 2
    UID:
    gbv_1831647478
    ISBN: 0444867929
    Content: The theory of international trade is one of the oldest subfields of economics. This chapter provides an overview of the present state of positive trade theory, concentrating on developments, at the same time it draws attention to the continuity in the development of the subject. It discusses the classical paradigm as a set of assumptions under which trade is limited to final commodities and markets are undistorted and characterized by constant returns to scale and perfect competition. Nowadays theories are motivated by certain key features of real-world trade: the vast exchange of raw materials and commodities that require further processing before being consumed, the large volume of intra-industry trade, and the importance of the size of markets. These extensions in analysis have been generally made without throwing away building blocks found in the earlier literature. Extensions of the simple models of production within the classical paradigm have broken out of the traditional two-by-two mold to analyze the importance of joint production, complementarity among factors, and general properties in higher dimensions. Earlier work on simpler trade models has proved of value in all these extensions.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 1-62, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:1-62
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 3
    UID:
    gbv_1831647389
    ISBN: 0444867929
    Content: The major obstacle to the testing of trade theories has been the difficulty of constructing tests that is theoretically sound. The intuitive content of most trade theories is quite simple and straightforward. But empirical tests of the theories are often faulted on the grounds that they test propositions that do not derive rigorously from the theories. The problem seems to lie in the theories themselves, which are seldom stated in forms that are compatible with the real world complexities that empirical research cannot escape. This chapter discusses the problems that arise in testing trade theories independent of the theory being tested. To the extent that many of the specific explanations of trade have a common foundation in the theory of comparative advantage, they also share some of the same empirical complications, and it is useful to look at these before becoming immersed in the particular problems that arise from specific theories. The chapter reviews the empirical tests and implementations of the Ricardian theory, the HeckscherOhlin theory, and the technology theory. The chapter also reviews an assortment of other approaches to trade. These include both recently articulated theories that have not yet been tested, such as the monopolistic competition model, and empirical tests that have been done without benefit of theory, such as the so-called gravity models.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 467-517, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:467-517
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 4
    UID:
    gbv_1831647370
    ISBN: 0444867929
    Content: Trade policies in developing countries have been a focal point of analysis for international economists in the past several decades. A desire for rapid economic growth in developing countries raised many questions about the relationship between trade and growth. This chapter discusses that the policies adopted in many developing countries have often been widely at variance with those emanating from models of rational resource allocation and provided researchers with ample scope for analysis of their effects. Simultaneously, analysts have examined the theoretical and empirical content of the rationales given for rejection of the rational resource allocation models. Some developing countries reversed their trade policies in important ways, often with dramatic results. These reversals and the resulting changes in economic structure also provided stimulus for analysis of the link between trade policies and development. Thus, the subject matter usually regarded as comprising trade and development emanates largely out of the concerns and experience of developing countries. The chapter outlines the issues and their historical evolution, setting the groundwork for later sections. It focuses on the analysis of policies adopted under alternative trade strategies and introduces factor market imperfections into the analysis. It also deals with issues of so-called export pessimism and instability of the international market.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 519-569, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:519-569
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 5
    UID:
    gbv_1831647362
    ISBN: 0444867929
    Content: Modern policy-oriented analysis of trade issues in developed countries focuses mainly on five sets of questions. This chapter discusses the differences in the levels of protection among industries. The industry and economy wide effects of trade liberalization on economic welfare, trade, output, employment and the distribution of income are discussed, and the effectiveness of the government policies are introduced for the purpose of assisting the economic adjustment to increased import. The chapter also discusses the economic effects of discriminatory tariff arrangements such as customs unions and the generalized system of preferences. The economic impact of specific nontariff measures, such as quantitative restrictions, preferential government purchasing policies, export, domestic subsidies, countervailing duties, dumping and antidumping duties, and domestic content requirements are reviewed. The chapter further discusses institutional arrangements and policies that maintain order in the international trading system and in the management of trade-policy conflict. Representative studies are cited with a view to establishing the main research results and suggesting issues on which further research is needed.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 571-619, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:571-619
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 6
    UID:
    gbv_183164746X
    ISBN: 0444867929
    Content: Normative economics is concerned with making welfare judgments about policies and economic events. This chapter discusses government policies. In the case of trade theory, commercial policy-normative economics embraces the study of the welfare consequences of various events when policies are constant. The chapter covers the main areas of normative trade theory, but not fully. The chapter discusses central parts of policy-orientated normative trade theory on the terms of trade argument for protection. It also provides an overview on theory of domestic distortions. A major result has been downgrading the role of trade policy and thus rehabilitating the case for free trade, at least aside from the orthodox optimal tariff argument. Most arguments for protection, other than the terms of trade argument, turned out to originate in some market failure in the domestic economysome domestic divergence between prices and marginal costs. The first-best policy is then to deal with this divergence directly.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 63-130, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:63-130
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 7
    UID:
    gbv_1831647451
    ISBN: 0444867929
    Content: The extensive structure of modern trade theory has been built on a foundation of several extreme assumptions, including that of low and even dimensionality. This chapter is concerned with HeckscherOhlin theory of international trade in higher dimensions. This theory, in its standard two-commodity, two-factor version has dominated international trade theory for over 30 years. But this dominance has long been made uneasy by a widespread suspicion that world commerce does not accord well with the theoretical structure. There are two particular areas of concern. The first stems from the fact that the largest part of world trade involves the exchange of roughly similar products among similar economies, whereas the factor endowment theory, and comparative cost theory, generally teaches to look to international dissimilarities for the causes of trade. A large part of this actual trade is classified as intraindustry even with significant disaggregation. Thus probing its causes requires a high degree of disaggregationthat is, the explicit consideration of a large number of goods. The second area of concern stems from the Leontief Paradox. The sensitivity to higher dimensions of the basic propositions of the modern theory of international trade is the key issue for the practical relevance of the logical structure that has dominated trade theory in the past 30 years.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 131-184, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:131-184
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 8
    UID:
    gbv_1831647443
    ISBN: 0444867929
    Content: Growth and development are used interchangeably. Growth has the connotation of simply more of everything, while development is taken to refer to some qualitative transformation or structural shift. In practice, the development aspect of trade theory arises from the attempt to address problems regarded as of major significance for the less developed countries of the world economy. These have ranged from the infant industry problem of Hamilton and list to the terms of trade problem. The insights and concerns of these critics of orthodox doctrine have led to a number of attempts, sympathetic and otherwise, to handle these issues analytically. This chapter provides an overview on Ricardian theory and considers some neglected aspects of Ricardo's ideas on trade and growth, based on his analysis of the distributive shares. It discusses Arthur Lewis three-good Ricardian model of the terms of trade and Emmanuel's concept of unequal exchange. It also reviews neoclassical theory, which contains the major mainstream literature on growth and trade, with discussions on comparative statics, dynamics, and the concept of immiserizing growth and foreign investment. It also discusses various theoretical aspects of trade and development issues, including analyses of infant industry protection, two-gap models, the open dual economy, and an extensive discussion of recent work on NorthSouth models.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 185-236, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:185-236
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 9
    UID:
    gbv_1831647435
    ISBN: 0444867929
    Content: This chapter discusses international factor movements in today's world such as labor, capital movements, and direct investment and examines the appropriate conception of capital movements. Physical capital is transferred abroad through a trade surplus and corresponds to the accumulation of ownership claims against capital located in a foreign country. Hence, the appropriate concept of international capital movements simply involves a change in the location but not the ownership of physical capital. In growth models, the trade surplus corresponding to the transfer of capital must be taken into account. In static models, there is a one-time stock adjustment in which a portion of a fixed stock of physical capital simply moves abroad. The chapter discusses income distribution and factor movements in a general setting of r factors and n goods. International factor movements alter the relative domestic supplies of productive factors and, hence, should change the internal distribution of income. The MacDougallKemp model is useful for making illustrative calculations of the impact of immigration on income distribution. The model is limited by the fact that it uses only two productive factors though it is easy to extend the model to more than two factors at the cost of losing its sharp predictive powers.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 237-288, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:237-288
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 10
    UID:
    gbv_1831647427
    ISBN: 0444867929
    Content: In a major survey of the theory of international trade, dynamic trade theory calls for further, systematic analysis and synthesis, and notes the negligible dent made so far by intermediate and capital goods in the theoretical models employed by analysts of international trade. This chapter surveys the progress that has now been made in incorporating capital goods into trade theory and discusses the dynamic models of trade and growth. Within this model, it is possible to develop a treatment of welfare economics that broadly follows the well-known static theory of the gains from trade although with some important features peculiar to intertemporal theory. Few positive-economic results are obtainable within such a general model. The chapter also provides two alternative ways of simplifying the general model so as to obtain useful results: reducing the number of goods, factors, and time-periods ill the model, or considering only steady states. Results in particular cases, which turn out to be similar to the standard results in models without capital, may not be sufficient to show that capital makes no difference. The chapter provides steady-state analysis: when a comparative dynamic result in steady state is formally very similar to a comparative static result in a timeless model it tempts to give the former result the same title as the latter, but such terminology may sometimes be misleading.
    In: Handbook of international economics, Amsterdam : North Holland, 1984, (1984), Seite 289-324, 0444867929
    In: 9780444867926
    In: year:1984
    In: pages:289-324
    Language: English
    URL: Volltext  (Deutschlandweit zugänglich)
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