Paradoxical trade patterns and terms of trade |
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| Authors: | Takashi Fukushima Tatsuo Hatta |
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| Institution: | State University of New York at Albany, Albany, NY 12203, USA;The Johns Hopkins University, Baltimore, MD 21218, USA |
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| Abstract: | It is shown that, when a monopoly is present in a two-country, two-commodity world, the terms-of-trade do not necessarily fall in between the pre-trade relative prices of the two countries, and that these pre-trade prices do not unequivocally determine the pattern of trade. |
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