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International Trade as Determined by Income and Income Distribution

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  • Beiling Yan

Abstract

In standard trade theory, consumption is normally assumed to be homothetic. Consequently, income and its distribution have no role in determining international trade patterns. This paper examines the assumption and its implications. The assumption of homothetic preferences is rejected at the 1% level. It further demonstrates that the Heckscher-Ohlin-Vanek (HOV) model modified by allowing for non-homothetic taste improves the performance of HOV prediction and explains some of the trade puzzles and paradoxes.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 21 (2007)
Issue (Month): 4 ()
Pages: 633-651

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Handle: RePEc:taf:intecj:v:21:y:2007:i:4:p:633-651

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Related research

Keywords: Income distribution; homothetic preference; international trade; factor content of trade;

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