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International Trade, Factor Mobility and Trade Costs

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  • Norman, Victor D
  • Venables, Anthony J

Abstract

The authors consider a Heckscher-Ohlin model in which goods and factors of production can be traded but trade involves transactions costs. Goods trade alone will not equalize factor prices, so there is an incentive for factors to move internationally. The authors characterize equilibria in which there is no trade, goods trade only, factor movement only, and both trade in goods and factor movement. This generalizes the Heckscher-Ohlin model to explain not only the direction of trade but also the prior question of what gets traded, i.e., how goods and factors are partitioned into tradeables and nontradeables. Copyright 1995 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 105 (1995)
Issue (Month): 433 (November)
Pages: 1488-1504

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Handle: RePEc:ecj:econjl:v:105:y:1995:i:433:p:1488-1504

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Cited by:
  1. Jim Markusen & Anthony Venables, 2005. "A Multi-Country Approach to Factor Proporations Trade and Trade Costs," The Institute for International Integration Studies Discussion Paper Series iiisdp051, IIIS.
  2. James Markusen, 2005. "Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and FDI," NBER Working Papers 11827, National Bureau of Economic Research, Inc.
  3. Markusen, James R. & Venables, Anthony J., 1996. "The Theory of Endowment, Intra-Industry and Multinational Trade," CEPR Discussion Papers 1341, C.E.P.R. Discussion Papers.
  4. Richard B. Freeman, 1995. "Are Your Wages Set in Beijing?," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 15-32, Summer.
  5. Fafchamps, Marcel, 1997. "Mobile Capital, Local Externalities, and Industrialization," Journal of Comparative Economics, Elsevier, vol. 25(3), pages 345-365, December.
  6. James R. Markusen & Bridget Strand, 2007. "Trade in Business Services in General Equilibrium," NBER Working Papers 12816, National Bureau of Economic Research, Inc.
  7. Simón Sosvilla Rivero & Oscar Bajo Rubio & Carmen Díaz Roldán, . "Sobre la efectividad de la política regional comunitaria: El caso de Castilla-la Mancha," Studies on the Spanish Economy 178, FEDEA.
  8. Bhattarai, Keshab & Mallick, Sushanta, 2013. "Impact of China's currency valuation and labour cost on the US in a trade and exchange rate model," The North American Journal of Economics and Finance, Elsevier, vol. 25(C), pages 40-59.
  9. Katrin Springer, 2000. "Do We Have to Consider International Capital Mobility in Trade Models?," Kiel Working Papers 964, Kiel Institute for the World Economy.

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