共查询到20条相似文献,搜索用时 31 毫秒
1.
《Journal of public economics》1986,30(1):1-36
Shadow prices are derived for small open economies with several production sectors experiencing constant returns to scale. Small projects affect the balance of trade, domestic prices (of non-traded goods and factors), and sector scales. Only domestic prices affect welfare, and only if there is not ‘domestic price equalization’. Generally, a project's net benefits depend upon the potential tax (and tariff) reform made possible (or necessary) through the balance of trade effect. Border prices are right for traded goods, but domestic good shadow pricing requires knowing the direction of at least one reversible available tax reform, and presuming optimality with respect to available reforms. 相似文献
2.
Francisco L. Rivera-Batiz 《Economics Letters》1986,20(4)
This paper extends the theory of international trade in the presence of foreign ownership to incorporate non-traded goods. It is shown that, with non-traded goods, national and aggregate welfare might move in opposite directions in response to a terms of trade deterioration even when national and aggregate trade specialization patterns coincide. 相似文献
3.
Abstract. Many countries receive illegal migrants but are reluctant to accept them due to possible negative externalities. We provide a rationale for not policing illegal migration by linking it to the tourism industry. By paying illegal migrants less than local workers, the relative price of the non-traded goods is shown to be lower than it would be in the absence of such workers. An expansion in tourist trade, under certain intensity conditions, necessarily raises resident welfare and employment. This tourist boom necessarily lowers the welfare of the illegal migrants. It is established that an increase in tourism increases the supply of illegal migrants. 相似文献
4.
This paper examines the effects of currency devaluations on goods prices and foreign reserves for a small-open economy with inbound tourism. Tourism transforms non-traded goods into exportable goods. Devaluations yield an over pass-through to the prices of the non-traded tourism goods. This may hurt the trade balance and hence lead to a decline in foreign reserves for the economy. 相似文献
5.
NISSAN LIVIATAN 《The Economic record》1979,55(3):222-229
In recent literature the monetary model of trade is presented diagrammatically in terms of hoarding and of the relative price of non-traded goods. In this paper we go back to the original diagrammatic approach of Mundell where he uses the stock of domestic money instead of hoarding. We adapt Mundells approach to the more recent developments of the monetary model and point out its expository advantages. We conclude the paper with a comparison of the two approaches. 相似文献
6.
Prof. Dr. Koji Okuguchi 《Journal of Economics》1979,39(1-2):119-130
Conclusion In a model with two traded good sectors between which intersectoral flows of intermediate goods are allowed and with a monopolized non-traded good sector, the wage rate in terms of two traded goods increases and the rental of capital in terms of two traded goods decreases when the price of relatively more labor intensive traded good sector increases, though nothing definite can be said about the direction of change in the wage rate and rental in terms of the non-traded good. When prices of traded goods are kept constant and labor and/or capital increase(s), output of the non-traded good sector increases provided that the non-traded good is not inferior, having income elasticity of demand less than unity. The factor intensity condition for the traded goods is in general not sufficient for the validity of the Rybczynski theorem to hold with respect to net outputs of the traded goods. We have derived sufficient conditions for the magnification effect to be observed with respect to net outputs of the traded good sectors. Specifically, we have shown that the factor intensity condition (23) is sufficient for the magnification effect to prevail when only labor increases. 相似文献
7.
Border effects and the availability of domestic products abroad 总被引:2,自引:0,他引:2
Carolyn L. Evans 《The Canadian journal of economics》2006,39(1):211-246
Abstract. Trade between countries could fall short of trade within a country because (1) the volume of international trade is less than the volume of domestic trade for a given product (the intensive margin); or (2) some goods that are sold domestically are simply not exported (the extensive margin). My theoretical model illustrates that either of these two factors could explain a given aggregate 'border effect.' I examine the empirical relevance of this distinction by isolating the fraction of total domestic production attributable only to exporters, finding that around one‐half of the border effect may be attributed to each explanation. JEL classification: F1 相似文献
8.
Chi-Chur Chao Bharat R. Hazari Jean-Pierre Laffargue Eden S. H. Yu 《Pacific Economic Review》2009,14(2):232-245
Abstract. The present paper uses a dynamic open-economy model with wage indexation to examine the impact of tourism on employment and welfare. Both short-run and long-run situations are analysed. It is well known that tourism converts non-traded goods into tradable goods. An increase in the demand for a non-traded good raises its relative price, which results in an expansion of the non-traded sector at the expense of the traded goods sector. This output shift raises labour employment in the short run. However, in the long run, the higher relative price leads to higher wages, resulting in a negative impact on labour employment. If the output effect is dominant, the expansion in tourism raises employment and welfare. However, under realistic conditions tourism may lower both labour employment and welfare due to rising costs. These results are demonstrated by simulating a dynamic model for the case of Hong Kong. 相似文献
9.
This paper examines the effect of trade liberalization on the quality of industrial goods produced by a developing country. The intermediate goods used as inputs to industrial production are assumed to be non-traded and produced by firms with market power. It is shown here that for a certain range of human capital levels, exposure to free trade, instead of resulting in de-industrialization, can raise welfare through an improvement in the quality of domestically produced industrial goods. 相似文献
10.
Nestor Azcona 《International Advances in Economic Research》2017,23(2):137-148
Real exchange rate variance decompositions indicate that only a small fraction of real exchange rate movements can be attributed to changes in the relative price between traded and non-traded goods. This paper argues that those exercises, by ignoring the nature of the shocks behind real exchange rate changes, may be inadequate to measure the relative importance of non-traded goods prices. Instead, it proposes using a structural vector autoregression (SVAR) model to study the effects of shocks to the relative supply and relative demand for non-traded goods on the real exchange rate. The SVAR model is identified via long-run restrictions and is estimated for a group of advanced economies. The results indicate that for some countries, relative supply shocks can be a significant source of real exchange rate fluctuations. 相似文献
11.
STEPHEN J. TURNOVSKY 《The Economic record》1983,59(3):245-259
This paper analyzes the dynamic adjustments of a small, open economy faced with the certain prospect of a future export (resources) boom. It is shown how the adjustment occurs in three phases. First, the initial expectation generates an immediate (discrete) appreciation of the exchange rate. Secondly, prior to the export boom, the exchange rate continues to appreciate gradually, while a dissimulation of bond holdings by domestic residents occurs, After the boom, the exchange rate gradually appreciates further while the balance of trade moves into surplus and domestic residents begin to accumulate bond holdings. These adjustments are rejected in the movement of the relative price of traded to non-traded goods and the implications of this for the structural adjustment of domestic industry are discussed. 相似文献
12.
Some countries are importers while others are exporters of global backbone connectivity. At the same time, input components
such as local access are non-traded. This paper analyzes a non-cooperative regulatory game between importing and exporting
countries, assuming that the prices of both traded and non-traded inputs can be regulated. We show that exporting countries
choose a more restrictive regulation of non-traded goods than importing countries do. We further show that a requirement of
international non-discrimination may hurt importing countries, and give firms producing traded inputs incentives to invest
in quality degradation. 相似文献
13.
We analyze a relation between interest rate controls and equilibrium determinacy using a two-country model featuring traded and non-traded goods. In addition, parameters of preference and production may differ between the two countries. We find that macroeconomic stability strongly depends on such heterogeneity including monetary policy, and that it is easier to generate determinate equilibrium under perfect liberalization of the economy, but to operate monetary policy in the economy with non-traded goods. 相似文献
14.
Using the Economist Intelligence Unit City Data, this paper studies price differences in the Eurozone by comparing the prices of individual goods between twelve Eurozone countries. To estimate the persistence of prices, I employ a cross-sectionally augmented panel unit root test that accounts for contemporaneous as well as serial correlation. Based on the test, the estimated half-lives are 13 months for traded goods and 16 months for non-traded goods. Price differences for certain traded goods such as food or cars revert to parity much faster than prices for alcohol. To further refine the persistence estimates, I use the sequential panel selection method to determine the stationarity of individual cross-sections for each good that rejects the unit root. The distribution of stationary cross-sections between the Eurozone countries appears fairly balanced. The half-lives based only on stationary-cross-sections are reduced to 6 months for traded goods and 7 months for non-traded goods. 相似文献
15.
《International Review of Economics & Finance》2000,9(3):257-265
This article sets up a two-goods model with wage indexation and migrants. A dual labor market is introduced where the domestic workers receive an indexed wage while migrants receive a market-determined wage. The traded sector may be assumed to be unionized while the non-traded goods sector is non-unionized giving rise to flexible wages. This provides an example of segmentation and wage indexation. The wage indexation creates unemployment in the traded sector and the segmentation allows this unemployment to persist. The main results obtained are: sector-specific migration of labor may raise domestic welfare, while with capital accumulation such migration necessarily raises the relative price of the non-traded goods, leading to structural adjustment. 相似文献
16.
Herman Mark Schwartz 《New Political Economy》2016,21(1):26-48
Growing income inequality in most countries in the 1990s and 2000s led to a global shortfall between supply and demand. The US economy bridged this shortfall domestically and globally by blowing successive equity market and housing bubbles, but these produced ever more severe financial crises. Rebalancing after the 2008 crisis required trade surplus countries to expand their non-traded sectors, but rebalancing is never immaculate. Instead, the Federal Reserve Bank's three rounds of Large-Scale Asset Purchases, or quantitative easing, shifted investment flows towards some developed and developing economies. As a matter of accounting, capital inflows led to shrinking trade surpluses in those countries. However, their relatively undeveloped securities markets mean that rebalancing largely occurred through rising housing prices, mirroring the same unsustainable phenomenon the USA experienced in the 2000s. In effect, the USA shifted part of its unsustainably large non-traded sector back to trade surplus countries by causing the real-estate part of the non-traded sector in surplus countries to expand. However, this is not a sustainable solution to global trade and financial imbalances in the long run, and risks producing the same kind of crises the USA experienced in 2008. 相似文献
17.
Basant K. Kapur 《Journal of development economics》1983,12(3):355-376
The rapid economic transformation of the ‘newly industrializing countries’ has aroused considerable interest in their economic structure and functioning. This paper contributes to the discussion by seeking to anatomise the Singapore economy. The economy's dynamism is reflected by the fact that, although our model is a short-term one, capital investment, both foreign and domestic, plays a central role in it. The model is also characterized by a novel specification of the export function, the inclusion of non-traded goods and of a sectorally segmented labor market, and a fairly comprehensive treatment of the financial system. The general equilibrium response of the model to various parameter shifts is investigated, and the factors responsible for the economy's rapid development thereby elucidated. 相似文献
18.
Lars E.O. Svensson 《Economics Letters》1983,11(4):377-384
If variable capital utilization results from within-period technological productivity variations, no modification of standard trade theory is required. If it results from within-period factor price variations, the modifications required are those of many factors in variable supply, i.e., non-traded goods. 相似文献
19.
《Research in Economics》2017,71(1):159-170
Why do some countries produce higher quality goods than other countries? This paper suggests that one reason is self-perpetuating reputations, modelling the idea with a Klein–Leffler reputation model embedded in a general equilibrium model of trade. Reputation differences are particularly interesting because reputation is a form of “social capital”. Like product differentiation, it can explain why countries might trade even if their technologies and endowments are identical, why firms could profit from exports even if the foreign price is no higher than the domestic one, and why governments like to have “high-value” sectors. Ideally, a developing country would shift its own producers to a high-quality equilibrium; if that is not possible, the next best thing is to import experience goods and substitute to home production of goods for which reputation is not important. 相似文献
20.
Kenneth W. Clements 《Economics Letters》1982,9(1):95-98
The general equilibrium effects of a small tariff on relative prices are analysed within a demand and supply model which provides further insights into Dornbusch's (1974) results. It is shown that the elasticity of the price of non-traded goods with respect to the tariff is a weighted average of the degree of substitutability between non-traded goods and importables on the supply side and that on the demand side. When complementarity is ruled out, the price of non-traded goods increases with the tariff, but less than proportionally. 相似文献