The Terms of Trade and the International Transfers of Productivity Gains
In international economic relations, when movements of labour are limited and fiscal redistributive policies non-existent, changes in the terms of trade (the ratio between the prices of exports and imports) are the main driving force for the international redistribution of incomes or of productivity gains. The concept of productivity flows linked to price changes can be extended from the interindustry framework to deal with international relations bringing some new insights into the terms of trade issues. The paper develops a conceptual framework for the computation of international flows of productivity gains, taking into consideration the role of exchange rates and the meaning of Purchasing Power Parities. It is completed by a set of computations on Swiss relations with the rest of the world.
Volume (Year): 15 (2003)
Issue (Month): 1 (March)
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