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Trend in the international terms of trade between primary producers and manufacturers

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Author Info

  • Harry Bloch

    (University of Tasmania)

  • David Sapsford

    (Lancaster University)

Abstract

Movements in the terms of trade between primary producers and manufacturers are analyzed using a model that introduces the influence of relative wage movements in the primary and manufacturing sectors as well as the influence of mark-up pricing in manufacturing. The model is estimated using data on the relative price of primary commodities and manufactured goods in international trade during the post-World War II (WWII) period. A decline in wages of primary-sector workers relative to those of workers in manufacturing and a rise in manufacturing margins are both estimated to have reduced the terms of trade for primary producers. However, expansion of manufacturing output is estimated to have a positive impact that has more than offset the negative influences during periods of moderate to strong growth.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 8 (1996)
Issue (Month): 1 ()
Pages: 53-67

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Handle: RePEc:wly:jintdv:v:8:y:1996:i:1:p:53-67

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Web page: http://www3.interscience.wiley.com/journal/5102/home

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  1. Bloch, H. & Sapsford, D., 1991. "Post-War Movements in Prices of Primary Products and Manufactured Goods," Papers, Tasmania - Department of Economics 1991-03, Tasmania - Department of Economics.
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Cited by:
  1. Tilton, John E., 2013. "The terms of trade debate and the policy implications for primary product producers," Resources Policy, Elsevier, Elsevier, vol. 38(2), pages 196-203.
  2. José Antonio Ocampo & María Angela Parra, 2004. "The commodity terms of trade and their strategic implications for development," International Trade, EconWPA 0403001, EconWPA.

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