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Long-Run Equilibria in a Dynamic Heckscher-Ohlin Model

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Zhiqi Chen

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Abstract

The goal of this paper is to study long-run equilibria in open economies using a new dynamic Heckscher-Ohlin model with endogenous savings and endogenous labor supply. The long-run equilibria in this model exhibit the property of economic hysteresis. The model offers a Heckscher-Ohlin type explanation for the long-run trade between countries with identical preferences; that is, a difference in factor endowment ratios in the initial period causes trade to continue in the long run. It is shown that factors other than differences in preferences can lead to a difference in savings rates among countries.

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File URL: http://links.jstor.org/sici?sici=0008-4085%28199211%2925%3A4%3C923%3ALEIADH%3E2.0.CO%3B2-5
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 25 (1992)
Issue (Month): 4 (November)
Pages: 923-43
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Handle: RePEc:cje:issued:v:25:y:1992:i:4:p:923-43

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  1. Claustre Bajona & Timothy J. Kehoe, 2008. "Trade, growth, and convergence in a dynamic Heckscher-Ohlin model," Staff Report 378, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  2. Rodrigo Fuentes & Verónica Mies, 2007. "Development Paths and Dynamic Comparative Advantages: When Leamer Met Solow," Working Papers Central Bank of Chile 453, Central Bank of Chile. [Downloadable!]
  3. Iwasa, Kazumichi & Kikuchi, Toru & Shimomura, Koji, 2007. "A Dynamic Chamberlin-Heckscher-Ohlin Model with Endogenous Time Preferences: A Note," MPRA Paper 4981, University Library of Munich, Germany. [Downloadable!]
  4. Beatriz Gaitan & Terry L. Roe, 2007. "Path Interdependence in a Dynamic Two Country Heckscher-Ohlin Model," Diskussionsschriften dp0704, Universitaet Bern, Departement Volkswirtschaft. [Downloadable!]
  5. Luis C. Corchon, 2005. "Trade And Growth: A Simple Model With Not-So-Simple Implications," Economics Working Papers we055424, Universidad Carlos III, Departamento de Economía. [Downloadable!]
  6. Claustre Bajona & Timothy J. Kehoe, 2006. "Demographics in dynamic Heckscher-Ohlin models: overlapping generations versus infinitely lived consumers," Staff Report 377, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  7. Marc, GERMAIN, 2005. "Impacts dÕune politique de dŽpollution dans un modle ˆ la Heckscher-Ohlin dynamique," Discussion Papers (ECON - Département des Sciences Economiques) 2005010, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
  8. Alejandro Cunat & Marco Maffezzoli, 2004. "Neoclassical Growth and Commodity Trade," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 707-736, July. [Downloadable!] (restricted)
    Other versions:
  9. Jiandong Ju & Shang-Jin Wei, 2007. "Current Account Adjustment: Some New Theory and Evidence," NBER Working Papers 13388, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Junko Doi & Kazumichi Iwasa & Koji Shimomura, 2006. "Indeterminacy in the free-trade world," Discussion Paper Series 187, Research Institute for Economics & Business Administration, Kobe University. [Downloadable!]
  11. Gaitan, Beatriz & Roe, Terry, 2007. "Path Interdependence Among Early and Late Bloomers in a Dynamic Heckscher-Ohlin Model," Bulletins 7183, University of Minnesota, Economic Development Center. [Downloadable!]
  12. Serdar Sayan, 2002. "Dynamic Heckscher-Ohlin Results from a 2x2x2x2 Overlapping Generations Model with Unequal Population Growth Rates," GE, Growth, Math methods 0203002, EconWPA, revised 14 Mar 2002. [Downloadable!]
    Other versions:
  13. Partha Chatterjee & Malik Shukayev, 2006. "Convergence in a Stochastic Dynamic Heckscher-Ohlin Model," Working Papers 06-23, Bank of Canada. [Downloadable!]
  14. Yoshiyasu Ono & Akihisa Shibata, 2006. "Capital Income Taxation and Specialization Patterns: Investment Tax vs. Saving Tax," KIER Working Papers 613, Kyoto University, Institute of Economic Research. [Downloadable!]
    Other versions:
  15. Gabriel Felbermayr, 2004. "Specialization on a technologically atagnant aector need not be bad for growth," Economics working papers 2004-02, Department of Economics, Johannes Kepler University Linz, Austria. [Downloadable!]
    Other versions:
  16. Junko Doi & Kazuo Nishimura & Koji Shimomura, 2006. "A two-country dynamic model of international trade and endogenous growth: multiple balanced growth paths and stability," Discussion Paper Series 188, Research Institute for Economics & Business Administration, Kobe University. [Downloadable!]
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