TERMS OF TRADE UNCERTAINTY, SAVINGS, AND THE PRODUCTION STRUCTURE
成果类型：
Article
署名作者：
VANWINCOOP, E
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(92)90006-6
发表日期：
1992
页码：
305-325
关键词：
摘要：
This paper studies the response of savings and the production structure (tradeables/non-tradeables) to an increase in future terms of trade uncertainty, holding expected utility constant. There is no international trade in risky assets. The impact on the production structure is studied by analyzing the markets for domestic equity. The paper shows that the response of both non-tradeables production and savings is ambiguous. Cross country evidence indicates that an increase in terms of trade uncertainty leads to a higher fraction of the labor force in the non-tradeables sector.
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