Trade and tradability
AbstractWe extend the Salter-Swan model to include both factor markets and semi-traded goods. In our model, changes in relative factor prices depend on changes in world commodity prices, factor endowments, and the trade balance. In contrast, only changes in world commodity prices can affect factor prices in the neoclassical trade model. The inclusion of semi-traded goods weakens the magnification effect of both the Stolper-Samuelson and Rybczynski theorems. When imports and domestic goods are poor substitutes, a characteristic of some commodities in developing countries, the sign of the Stolper-Samuelson effect is reversed. Authors' Abstract.
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Bibliographic InfoPaper provided by International Food Policy Research Institute (IFPRI) in its series TMD discussion papers with number 93.
Date of creation: 2002
Date of revision:
Exports. ; Imports. ; Trade. ; Commerce Mathematical models. ;
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