Real GDP, Real GDI and Trading Gains: Canada, 1981-2005
Real gross domestic product (GDP) fails to account for the trading gains and losses that result from changes in the terms of trade and in the real exchange rate (the price of tradables relative to the price of nontradables). Canada has enjoyed vast improvements in its terms of trade over recent years and there is a growing suspicion that real GDP has done an inadequate job at reflecting the resulting increases in real value added and real gross domestic income (GDI). Superlative measures of the terms of trade and real exchange rate effects confirm this view, with the trading gains adding up to 4.8 per cent of GDP between 2002 and 2005.
Volume (Year): 13 (2006)
Issue (Month): (Fall)
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- Burgess, David F., 1974. "Production theory and the derived demand for imports," Journal of International Economics, Elsevier, vol. 4(2), pages 103-117, May.
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