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Preferential Trade Arrangements, Induced Investment, and National Income in a Heckscher-Ohlin-Ramsey Model

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  • Joseph Francois

    () (Erasmus University Rotterdam, and CEPR)

  • M. Rombout

    (Erasmus University Rotterdam)

Abstract

We develop a Heckscher-Ohlin-Ramsey model, combining dual techniques with classic geometric techniques from trade theory. This framework is used to explore the long-run general equilibrium effects of regional integration (preferential trade agreements). Emphasis is placed on positive mechanics related to adjustment in the capital stock, long-run changes in the pattern in trade, and the implications for changes in long-run (steady-state) national income. The importance of relative country size and the dynamic implications for third countries are also addressed.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 00-061/2.

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Date of creation: 31 Jul 2000
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Handle: RePEc:dgr:uvatin:20000061

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Keywords: regionalism; trade and investment; preferential trade arrangements; Heckscher Ohlin Ramsey model; trade and growth;

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  1. Manning, Richard & Markusen, James R, 1991. "National Product Functions in Comparative Steady-State Analysis," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(3), pages 613-25, August.
  2. Johnson, Harry G., 1971. "Trade and growth : A geometrical exposition," Journal of International Economics, Elsevier, vol. 1(1), pages 83-101, February.
  3. Schiff, Maurice & Winters, L Alan, 1998. "Dynamics and Politics in Regional Integration Arrangements: An Introduction," World Bank Economic Review, World Bank Group, vol. 12(2), pages 177-95, May.
  4. Baxter, Marianne, 1992. "Fiscal Policy, Specialization, and Trade in the Two-Sector Model: The Return of Ricardo?," Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 713-44, August.
  5. Atsumi, Hiroshi, 1971. "The long-run offer function and a dynamic theory of international trade," Journal of International Economics, Elsevier, vol. 1(3), pages 267-299, August.
  6. Fernandez, Raquel & Portes, Jonathan, 1998. "Returns to Regionalism: An Analysis of Nontraditional Gains from Regional Trade Agreements," World Bank Economic Review, World Bank Group, vol. 12(2), pages 197-220, May.
  7. Ken‐ichi Inada, 1968. "Free Trade, Capital Accumulation and Factor Price Equalization," The Economic Record, The Economic Society of Australia, vol. 44(3), pages 322-341, 09.
  8. Wonnacott, Paul & Wonnacott, Ronald, 1981. "Is Unilateral Tariff Reduction Preferable to a Customs Union? The Curious Case of the Missing Foreign Tariffs," American Economic Review, American Economic Association, vol. 71(4), pages 704-14, September.
  9. Ethier, Wilfred, 1979. "The theorems of international trade in time-phased economies," Journal of International Economics, Elsevier, vol. 9(2), pages 225-238, May.
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