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

• 成果类型: Article
• 署名作者: Kaneko, A
• 署名单位: Institute of Science Tokyo; Tokyo Institute of Technology
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(99)00052-5
• 发表日期: 2000
• 页码: 169-181
• 关键词: Terms of trade; trade pattern; endogenous growth

摘要

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.