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Aging, transitional dynamics, and gains from trade

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Author Info
Naito, Takumi
Zhao, Laixun

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Abstract

We formulate a two-country, two-good, two-factor, two-period-lived overlapping generations model to examine how population aging determines the pattern of and gains from trade. Two main results are obtained. First, the aging country endogenously becomes a small country exporting the capital-intensive good, whereas the younger country endogenously dominates the world economy determining the world prices, in the free trade steady state. Second, although uncompensated free trade cannot be Pareto superior to autarky, there exists a compensation scheme applied within each country such that free trade is Pareto superior to autarky.

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File URL: http://www.sciencedirect.com/science/article/B6V85-4VRX638-1/2/8e4710ccc10cd1cba1671016d97da09f
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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Dynamics and Control.

Volume (Year): 33 (2009)
Issue (Month): 8 (August)
Pages: 1531-1542
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Handle: RePEc:eee:dyncon:v:33:y:2009:i:8:p:1531-1542

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Related research
Keywords: Aging and trade Gains from trade Overlapping generations model Transitional dynamics Compensation scheme;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Richard Johnson, 2004. "Economic policy implications of world demographic change," Economic Review, Federal Reserve Bank of Kansas City, issue Q I, pages 39-64. [Downloadable!]
  2. Kemp, Murray C & Wong, Kar-yiu, 1995. "Gains from Trade with Overlapping Generations," Economic Theory, Springer, vol. 6(2), pages 283-303, July.
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  3. Momota, Akira & Futagami, Koichi, 2005. "Demographic structure, international lending and borrowing in growing interdependent economies," Journal of the Japanese and International Economies, Elsevier, vol. 19(1), pages 135-162, March. [Downloadable!] (restricted)
  4. David Domeij & Martin Flodén, 2006. "Population Aging And International Capital Flows," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(3), pages 1013-1032, 08. [Downloadable!] (restricted)
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  5. Sayan, Serdar, 2005. "Heckscher-Ohlin revisited: implications of differential population dynamics for trade within an overlapping generations framework," Journal of Economic Dynamics and Control, Elsevier, vol. 29(9), pages 1471-1493, September. [Downloadable!] (restricted)
  6. Horioka, C.Y., 1992. "The Impact of the Age structure of the Population on the Household Saving Rate in Japan : A Cointegration Analysis," Papers 287, Osaka - Institute of Social and Economic Research.
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