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Capital and Goods Market Integration and the Inequality of Nations

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  • Wagner, Martin

    (Institute for Advanced Studies, Vienna)

Abstract

A 2-country model with two groups of agents, workers and capitalists is presented in which economic integration results in an initial phase of catch-up, where the less industrialised country experiences the rise in both capital and labour income. Then, after a certain level of integration has been reached, the less industrialised country is completely de-industrialised. This has detrimental effects on the income of this country's workers, but the capital owners of this country gain from specialisation, as do the workers in the industrialised country. Both the capital and the goods markets are subject to imperfections. The structure of the equilibrium sets during integration is characterised completely.

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File URL: http://www.ihs.ac.at/publications/eco/es-66.pdf
File Function: First version, 1999
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 66.

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Length: 22 pages
Date of creation: Jun 1999
Date of revision:
Handle: RePEc:ihs:ihsesp:66

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Related research

Keywords: Globalisation; Trade; Market Imperfections; Integration;

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  1. Hummels, David & Levinsohn, James, 1995. "Monopolistic Competition and International Trade: Reconsidering the Evidence," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 799-836, August.
  2. Krugman, Paul R & Venables, Anthony J, 1995. "Globalization and the Inequality of Nations," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 857-80, November.
  3. Krugman, Paul, 1980. "Scale Economies, Product Differentiation, and the Pattern of Trade," American Economic Review, American Economic Association, vol. 70(5), pages 950-59, December.
  4. Dixit, Avinash K & Stiglitz, Joseph E, 1975. "Monopolistic Competition and Optimum Product Diversity," The Warwick Economics Research Paper Series (TWERPS) 64, University of Warwick, Department of Economics.
  5. repec:fth:iniesr:430 is not listed on IDEAS
  6. Krugman, Paul & Venables, Anthony J., 1996. "Integration, specialization, and adjustment," European Economic Review, Elsevier, vol. 40(3-5), pages 959-967, April.
  7. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
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