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Trade Patterns under Uncertainty with Country Specific Shocks

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  • Helpman, Elhanan

Abstract

The Helpman-Razin model of international trade under uncertainty is extended to allow for country-specific productivi ty shocks. It is shown that, for the multiple-sector multiple-factor case, there exists a set of interesting sufficient conditions under w hich it is possible to predict the pattern of international trade in securities, goods, and factor content on the basis of cross-country d ifferences in factor endowments. It is shown that, under these circum stances, some well-known empirical tests have to be modified. Copyright 1988 by The Econometric Society.

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  • Helpman, Elhanan, 1988. "Trade Patterns under Uncertainty with Country Specific Shocks," Econometrica, Econometric Society, vol. 56(3), pages 645-659, May.
    • Handle: RePEc:ecm:emetrp:v:56:y:1988:i:3:p:645-59
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    Cited by:

    1. Julian di Giovanni & Andrei A. Levchenko, 2012. "The Risk Content of Exports: A Portfolio View of International Trade," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 8(1), pages 97-151.
    2. Kalemli-Ozcan, Sebnem & Sørensen, Bent E & Yosha, Oved, 2004. "Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated Evidence and Policy Implications for Europe," CEPR Discussion Papers 4463, C.E.P.R. Discussion Papers.
    3. Alejandro Cuñat & Christian Fons-Rosen, 2013. "Relative Factor Endowments And International Portfolio Choice," Journal of the European Economic Association, European Economic Association, vol. 11(1), pages 166-200, February.
    4. Jordi Pons-Novell & Daniel Tirado-Fabregat, 2006. "Specialization and asymmetries in macroeconomic fluctuations: Evidence for the European regions," Regional Studies, Taylor & Francis Journals, vol. 40(7), pages 695-706.
    5. Esposito, Federico, 2022. "Demand risk and diversification through international trade," Journal of International Economics, Elsevier, vol. 135(C).
    6. Meon, Pierre-Guillaume & Weill, Laurent, 2004. "A view of the European Union as an evolving country portfolio," European Journal of Political Economy, Elsevier, vol. 20(4), pages 853-868, November.
    7. Jacques Simon Song & Hervé William Mougnol A Ekoula & Adalbert Abraham Ghislain Melingui Bate, 2022. "Does ICTs diffusion increase bilateral trade in Africa? Empirical evidence using an augmented gravity model," Economics Bulletin, AccessEcon, vol. 42(2), pages 810-826.
    8. Inga Heiland, 2017. "Five Essays on International Trade, Factor Flows and the Gains from Globalization," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 74, September.
    9. Heiland, Inga, 2016. "Global Risk Sharing Through Trade in Goods and Assets: Theory and Evidence," VfS Annual Conference 2016 (Augsburg): Demographic Change 145821, Verein für Socialpolitik / German Economic Association.
    10. Gu, Xin & Wu, Xiangyi & Luo, Guangda, 2024. "Can power interconnection buffer economic policy uncertainty? Evidence from countries along the Belt and Road," Energy Economics, Elsevier, vol. 135(C).
    11. Luca De Benedictis & Lucia Tajoli, 2005. "Similarity in export composition and catching-up," Working Papers 28-2005, Macerata University, Department of Finance and Economic Sciences, revised Oct 2008.
    12. Holger Görg & Saskia Mösle & Thieß Petersen & Hartmut Egger & Kemal Kilic & Dalia Marin & Lisandra Flach & Rahel Aichele & Martin Braml & Ralph Wiechers & Thomas Steinwachs & Morris Hosseini & Michael, 2020. "Neustart der Industrie unter dem Einfluss von Covid-19: Wie bereit ist die globale Lieferkette?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(05), pages 03-34, May.

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