Trend in the international terms of trade between primary producers and manufacturers
Movements in the terms of trade between primary producers and manufacturers are analyzed using a model that introduces the influence of relative wage movements in the primary and manufacturing sectors as well as the influence of mark-up pricing in manufacturing. The model is estimated using data on the relative price of primary commodities and manufactured goods in international trade during the post-World War II (WWII) period. A decline in wages of primary-sector workers relative to those of workers in manufacturing and a rise in manufacturing margins are both estimated to have reduced the terms of trade for primary producers. However, expansion of manufacturing output is estimated to have a positive impact that has more than offset the negative influences during periods of moderate to strong growth.
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Volume (Year): 8 (1996)
Issue (Month): 1 ()
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- Harry Bloch & David Sapsford, 1992.
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Journal of Post Keynesian Economics,
M.E. Sharpe, Inc., vol. 14(2), pages 249-266, January.
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