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North-South Interaction and Commod Control

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  • Kanbur, Ravi
  • Vines, David

Abstract

A simple model of North-South interaction is presented with a Keynesian North producing industrial goods and a Classical South producing corn. If the terms of trade clear the corn market then commodity price stabilisation can only slightly increase the average value of Northern real consumption. But if there is real wage resistance in the North then output deflation in the North is necessary to avoid inflationary pressure whenever the terms of trade tend to turn against the North; commodity price stabilisation could, in such circumstances, greatly improve Northern welfare. The paper also examines whether fiscal policy in the North, instead of commodity price stabilisation, could provide equally large improvements in Northern welfare.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8.

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Date of creation: Mar 1984
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Handle: RePEc:cpr:ceprdp:8

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Keywords: Commodity Stabilization Schemes; North-South Interaction;

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Cited by:
  1. Richard Mash, 1996. "Supply flexibility and insurance under commodity market instability," Economics Series Working Papers WPS/1996-10, University of Oxford, Department of Economics.
  2. Hoffmaister, Alexander W. & Pradhan, Mahmood & Samiei, Hossein, 1998. "Have North-South growth linkages changed?," World Development, Elsevier, vol. 26(5), pages 791-808, May.
  3. Srinivasan, T.N., 1986. "International Trade and Factor Movements in Development Theory, Policy, and Experience," 1986: Trade and Development Meeting, December 1986, CIMMYT, Mexico City, Mexico, International Agricultural Trade Research Consortium 50651, International Agricultural Trade Research Consortium.
  4. S. Murshed, 1992. "Comparing quotas with VERs: A three-region, North-South-NICs macroeconomic analysis," Open Economies Review, Springer, Springer, vol. 3(3), pages 255-270, October.
  5. Braverman, Avishay & Kanbur, Ravi & Brandao, Antonio Salazar P. & Hammer, Jeffrey & Lopes, Mauro de Rezende & Tan, Alexandra, 1990. "Costs and benefits of agricultural price stabilization in Brazil," Policy Research Working Paper Series 564, The World Bank.

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