| 来源类型 | Working Paper
|
| 规范类型 | 报告
|
| DOI | 10.3386/w3457
|
| 来源ID | Working Paper 3457
|
| International Trade and Investment under Different Rates of Time Preference |
| Kyoji Fukao; Koichi Hamada
|
| 发表日期 | 1990-10-01
|
| 出版年 | 1990
|
| 语种 | 英语
|
| 摘要 | This paper attempts to integrate the theory of trade with that of capital movements, and to study the two country world where each nation has a different rate of time preference. It resolves the indeterminacy problem intrinsic in the Heckscher-Ohlin model where trade and factor movements coexist by assuming that capital movements are infinitesimally more costly than trade in goods. Under certain assumptions, one can dichotomize the behavior of asset accumulation from the dynamic pattern of trade specialization. Complete specialization will take place most; likely in the country with a higher rate of time preference, which specializes into the more labor intensive sector. It is shown that a single-commodity model does exaggerate the amount of capital movements, but that the qualitative nature of asset accumulation patterns obtained in a single-commodity model of capital movements holds intact in the model that incorporates trade. This paper offers another explanation to the Feldstein-Horioka paradox that domestic investment responds more closely to increasing savings than capital outflows do. If an economy is imperfectly specialized, increased savings will be absorbed in capital deepening rather than in capital outflow. |
| 主题 | International Economics
|
| URL | https://www.nber.org/papers/w3457
|
| 来源智库 | National Bureau of Economic Research (United States)
|
| 引用统计 |
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560752
|
推荐引用方式
GB/T 7714 |
Kyoji Fukao,Koichi Hamada. International Trade and Investment under Different Rates of Time Preference. 1990.
|
|
文件名：
|
w3457.pdf
|
|
格式：
|
Adobe PDF
|
此文件暂不支持浏览
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
