Co-movements in Relative Commodity Prices and International Capital Flows: A Simple Model
AbstractSuppose a number of countries produce a commodity that employs local labor and a type of capital that is internationally mobile. Within the framework of a specific-factors model, this paper argues that there is a presumption about the international movement of capital when the relative price of the industry using that capital rises on world markets. Capital flows toward countries less heavily involved in producing the commodity; internal labor flows contribute toward worldwide industry dispersion; and the volume of international trade in that commodity tends to fall. Copyright 1989 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 27 (1989)
Issue (Month): 1 (January)
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- Caballero, Ricardo J. & Antras, Pol, 2007.
"Trade and Capital Flows: A Financial Frictions Perspective,"
3264875, Harvard University Department of Economics.
- Pol Antràs & Ricardo J. Caballero, 2009. "Trade and Capital Flows: A Financial Frictions Perspective," Journal of Political Economy, University of Chicago Press, vol. 117(4), pages 701-744, 08.
- Pol Antràs & Ricardo J. Caballero, 2007. "Trade and Capital Flows: A Financial Frictions Perspective," NBER Working Papers 13241, National Bureau of Economic Research, Inc.
- Ronald W. Jones & Sugata Marjit, 2003. "Economic Development, Trade and Wages," German Economic Review, Verein für Socialpolitik, vol. 4(1), pages 1-17, February.
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