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This paper analyses patterns of production across 14 industries in 45 regions from 7 European countries since 1975. We estimate
an equation from neoclassical trade theory that relates an industry’s share of a region’s GDP to factor endowments, relative
prices and technology. The strict version of the Heckscher–Ohlin model that assumes identical relative prices and technology
is rejected against more general alternatives. However, factor endowments play a statistically significant and quantitatively
important role in explaining production patterns. Factor endowments are more successful at explaining patterns of production
in aggregate industries (Agriculture, Manufacturing and Services) than in disaggregated industries within manufacturing.
JEL no. F11, F14, R13 相似文献
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Empirical work on the Heckscher–Ohlin (H-O) theorem has been unable to reach consensus on its consistency with the data. In
this paper we test the chain version of the H-O theorem empirically for the first time by using data on capital and labor
endowments and capital/labor intensities by sector combined with export/import data for the United States. According to our
findings, predictions of the theory are not confirmed by the data. However, when gross investment is used as a proxy for productive
capital stock and capital/labor ratios are replaced by investment/labor ratios, we find almost perfect concordance between
net trade flows and endowments as predicted by theory.
JEL no. F11, F14 相似文献
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Yong Ma 《Asian Economic Journal》2016,30(1):25-45
In this paper, we construct a two‐country dynamic stochastic general equilibrium model to investigate the sources of business cycles in China and the contributions of policy shocks in economic fluctuations. The empirical results from Bayesian estimation show that, apart from the traditional supply and demand shocks, monetary and fiscal policy shocks also play important roles in determining China's economic fluctuations. In addition, we find significant feedback effects between monetary and fiscal policies in China, indicating that policy coordination is an important feature of China's monetary and fiscal policies. Overall, these results not only shed new light on the policy factors behind China's economic fluctuations, but also provide new evidence that is helpful for understanding the policy transmission mechanisms in China. 相似文献
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Fathali Firoozi 《Open Economies Review》1995,6(2):167-178
A number of studies have indicated that one of the consequences of a development process is a rise in the consumers' subjective time preference rate (discount rate). This study first shows that many of the adverse economic observations in developing countries can emerge from a rise in the discount rate. It then demonstrates that the extent of such adverse effects is related to relative shares of the tradable and nontradable sectors in aggregate consumption. A result is that the aggregate dissaving generated by a rise in the discount rate is smaller when the economy's nontradable sector is relatively larger. The results add new dimensions to the allocation policies applied by international lending insitutions in developing economies. 相似文献
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Been-Lon Chen Kazuo Nishimura Koji Shimomura 《International Journal of Economic Theory》2008,4(1):29-52
We present a dynamic two-country model of international trade with endogenous time preference. We show that if the two countries have similar preferences, production technologies and labor endowments, there exists a unique and stable steady state such that both consumption and investment goods are produced in both countries. Unlike the case of constant time preferences, the steady state is independent of the initial international distribution of capital. We prove a dynamic Heckscher–Ohlin theorem such that the labor-abundant country exports the labor-intensive good. 相似文献
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Based on a global input–output model, this paper investigates the CO2 emission transfer between China and developed economies through trade. The results show that approximately 15–23 percent of China's production‐based emissions during 1995–2009 were induced by the production of goods and services satisfying final demand in developed economies. Decomposition of emission transfers shows that trade of intermediate products played a significant role in emission transfer from developed economies to China. Most developed economies have consumption‐based emission responsibilities that are higher than their production‐based responsibilities, whereas China's consumption‐based responsibility is significantly lower than its production‐based responsibility. We argue that a fair and efficient carbon accounting approach should take CO emission transfers from developed economies to developing economies into consideration. It is important that China and its developed trade partners cooperate in reducing emission transfers. 相似文献
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The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income, while it is a high‐risk product from the lender's perspective. One of benefits of reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The present study evaluates the option value of the reverse mortgage in Hong Kong through an empirical analysis using the Black–Scholes option‐pricing model. Moreover, the present study shows specific monetary values through option matching to the consumer situation, contributing to the increased understanding of reverse mortgages from the consumer's point of view. 相似文献
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农村消费与初次分配公平性的考察 总被引：1，自引：0，他引：1
农村消费不足是我国当前面临的突出问题。通过对初次分配公平性的考察发现,长期以来,我国城乡初次分配严重不公,农民应有的权益没有得到有效保障,导致农民福利水平低下,成为制约农村消费的主要因素。因此,要扩大农村消费,保持经济平稳较快增长,需要调整国民收入分配政策取向,使初次分配充分体现公平,让农民共享经济发展的成果,使农民的福利状况得到根本性改善,增强农民的消费能力。 相似文献
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Analysis suggests that future freer globalized trade will (1) likely benefit both rich and poor regions, (2) probably give measured percentage gains to poor places that exceed those to rich places, (3) possible exacerbate real income inequality between rich and poor, and more certainly (4) bring more lifetime uncertainty along with enlarged material gains. A backlash to freer trade, economic history suggests, will lead to weaker productivity advance, enhanced degree of monopoly, and to aggravated crony-capitalism and plutocratic lobbyist democracy. 相似文献
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Koen Smet 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2013,81(2):240-259
This paper analyses the link between changes in trade flows and labour demand in post‐apartheid South Africa (1994–2006). Although this is not the first research with regard to this topic, it is one of the few that uses a consistent trade framework. Based on a three‐dimensional Heckscher–Ohlin trade model, a theoretical framework is constructed to analyse this link. Whereas it is impossible to test the theoretical link directly because of data limitations, an indirect econometric test supports the findings of the model. This implies that the combination of increased trade and labour market rigidities was unfavourable for labour opportunities. 相似文献
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In an extended Balassa–Samuelson model, long-run real exchange rates are determined by relative productivity and terms of trade. We present evidence of systematic long-run relationships between these fundamental variables and real exchange rates in a data set covering 15 OECD countries from 1960 to 1996. High relative productivity is associated with real exchange rate appreciations in most cases. There is less support for the hypothesis that the terms of trade affect equilibrium real exchange rates. 相似文献
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N.g. Meyer M. Breitenbach R.d. Kekana 《The South African journal of economics. Suid-afrikaanse tydskrif vir ekonomie》2008,76(4):652-666
This paper investigates two alternative roads running parallel to one another; one being a double‐carriageway national road that was tolled 4 years ago and the other being an inter‐city single‐carriageway road. The purpose of the paper is to test the application of the World Bank‐developed Road Economic Decision (RED) model for assessing the economic impact of traffic diversion between two existing alternative roads. In order to do so, the RED model is first used to conduct a cost–benefit analysis of each road in isolation. Thereafter, the model is used to do a scenario analysis followed by a sensitivity analysis. The results show that the RED model is a useful tool for evaluating the impact on society of diverted traffic between alternative roads elsewhere in South Africa. 相似文献
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Summary This article discusses the results of an emperical analysis of developing countries' creditworthiness using data for 32 countries over the sample period 1983–1993, and presents a country risk indicator on the basis of a probit model. In this model the occurrence of payment arrears is related to a set of explanatory variables, which include policy-related and global determinants, next to general macroeconomic and financial variables. The new indicator has a rank correlation of about 0.8 with often used measures provided by rating agencies. Nevertheless, several remarkable differences are present. For Mexico, for instance, our indicator points towards declining creditworthiness since 1989, whereas other ratings show Mexico's creditworthiness to be increasing steadily.Helpful comments by two anonymous referees are gratefully acknowledged. 相似文献
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构建和谐社会与人们的消费模式之间存在着密切联系;我国现行的消费模式存在着一定问题,这些问题在一定程度上不利于社会的和谐发展,可持续消费模式是构建和谐社会的现实选择,因此必须倡导建立一种可持续消费模式,以促进和谐社会目标的顺利实现。 相似文献
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As a developing country with great regional disparities, China's rapid urbanization has had important impacts on environmental quality. In this study, the drivers‐mechanisms‐effects (DME) model is built, which shows how element agglomeration, scale growth, knowledge accumulation and industry evolution drive the environmental system to change during the urbanization process. An econometric regression model using provincial panel data is further constructed to empirically analyze the impacts of urbanization on environmental quality. It is shown that during the process of urbanization in China, element agglomeration and knowledge accumulation help to improve environmental quality but with weak positive effect, while growing urban scale and industrial structure have obvious negative effects on environmental quality. The “inverted‐U shape” (up first and then down) change in the environmental quality during China's urbanization process is obvious. It is critical that China concentrates on the transformations of both city development paths and urbanization models to reduce resource and environmental costs as much as possible. 相似文献