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Structural changes and international trade: the natural exchange rate

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  • De Oliveira Gonçalves, Flavio
  • Teixeira, Joanilio Rodolpho

Abstract

This paper re-examines Pasinetti's vertically integrated, multi-sector and pure labor economic system for the case of integrating a developing country into the world economy. A formal treatment of full employment and equilibrium in the trade balance are both analysed. Structural change is considered to establish the conditions and under which there are gains (in income and learning) from international trade. Pasinetti's natural system is extended by finding the "natural" exchange rate, that is: the one proportional to relative labor productivity.

Suggested Citation

  • De Oliveira Gonçalves, Flavio & Teixeira, Joanilio Rodolpho, 2002. "Structural changes and international trade: the natural exchange rate," CEPREMAP Working Papers (Couverture Orange) 0212, CEPREMAP.
    • Handle: RePEc:cpm:cepmap:0212
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    References listed on IDEAS

    as
    1. Henry J. Bruton, 1998. "A Reconsideration of Import Substitution," Journal of Economic Literature, American Economic Association, vol. 36(2), pages 903-936, June.
    2. Bruton, H.J., 1998. "A Reconsideration of Import Substitution," Center for Development Economics 156, Department of Economics, Williams College.
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    More about this item

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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