Terms of trade, economic growth, and trade patterns: A small open-economy case

研究成果: Article

20 引用 (Scopus)

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By incorporating human capital accumulation into a dynamic trade model, we examine the relationship between the growth rate and the specialization pattern of a growing economy. We found that as long as its autarky price differs from the world price, a small open-economy eventually specializes completely. Furthermore, the impact of the terms of trade on the growth rate depends on the trade pattern. Specifically, if a country specializes in a capital commodity, the growth rate is unaffected by the terms of trade. If it specializes in a consumption commodity, its growth rate is significantly influenced by the terms of trade. (C) 2000 Elsevier Science B.V. All rights reserved.

元の言語English
ページ(範囲)169-181
ページ数13
ジャーナルJournal of International Economics
52
発行部数1
DOI
出版物ステータスPublished - 2000 10 4
外部発表Yes

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

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