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The core and periphery of the world economy

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  • Jarko Fidrmuc

Abstract

This paper reviews three models of foreign trade, including the Heckscher-Ohlin model, the new trade theory based on increasing returns to scale, and the model of economic geography and trade with agglomeration effects. It demonstrates that gravity models perform relatively well for differentiated and non-differentiated products. This result supports Hummels' and Levinsohn's (1995) critique of the new theory foundation of the gravity equation. Furthermore, the bilateral trade relations of peripheral countries are often identified as outliers. This pattern of outliers is consistent with the model of geography and trade.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/0963819042000213552
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal The Journal of International Trade & Economic Development.

Volume (Year): 13 (2004)
Issue (Month): 1 ()
Pages: 89-106

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Handle: RePEc:taf:jitecd:v:13:y:2004:i:1:p:89-106

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Related research

Keywords: Differentiated products; gravity models; economic geography; outlier analysis;

References

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  1. Stephen Redding & Anthony J. Venables, 2001. "Economic Geography and International Inequality," International Trade 0103003, EconWPA.
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Cited by:
  1. Simone Juhasz Silva & Douglas Nelson, 2012. "Does Aid Cause Trade? Evidence from an Asymmetric Gravity Model," The World Economy, Wiley Blackwell, vol. 35(5), pages 545-577, 05.
  2. Bussière, Matthieu & Fidrmuc, Jarko & Schnatz, Bernd, 2005. "Trade integration of Central and Eastern European countries: lessons from a gravity model," Working Paper Series 0545, European Central Bank.
  3. repec:wii:bpaper:bowp:070 is not listed on IDEAS
  4. Pinilla, Vicente & Serranoz, Raul, 2008. "The agricultural and food trade in the first globalisation: Spanish table wine exports 1871 to 1935 – a case study," Working Papers 42657, American Association of Wine Economists.
  5. Vicent Pinilla & Raúl Serrano, 2010. "The long-run decline in the share of agricultural and food products in international trade, 1951-2000: a gravity equation approach of its causes," Documentos de Trabajo de la Sociedad Española de Historia Agraria 1002, Sociedad Española de Historia Agraria.

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