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Trade Structure and Equilibrium Indeterminacy in a Two-Country Model

  • Yunfang Hu

    (Graduate School of International Cultural Studies, Tohoku University)

  • Kazuo Mino

    (Institute of Economic Research, Kyoto University)

This paper explores a dynamic two-country model with production externalities in which capital goods are not traded and international lending and borrowing are allowed. Unlike the integrated world economy model based on the Heckscher-Ohlin setting, our model yields indeterminacy of equilibrium under a wider set of parameter values than in the corresponding closed economy model. Our finding demonstrates that the assumption on trade structure would be a relevant determinant in considering the relation between globalization and economic volatility.

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File URL: http://www.kier.kyoto-u.ac.jp/DP/DP690.pdf
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Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 690.

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Length: 34pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:kyo:wpaper:690
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