Economic Growth and International Trade

This book presents new research on combining the theory of economic growth with the theory of international trade and international factor movements. As growth theory, it studies the behavior of fundamental dynamic models (deterministic, stochastic) of trading economies. As trade theory, it is concerned with gains from trade and dynamic welfare implications of regulations and strategic trade policy. It exhibits a dynamic general equilibrium of a small open economy, which is not only gainful but also deterministically chaotic. It demonstrates that skilled worker migration and welfare gains of the home country need not be mutually exclusive. The celebrated Balassa–Samuelson hypothesis is contrasted with the experience of many fast–growing Asian countries. An extended model with endogenous productivity growth in the distribution service sector is analyzed. The crucial role played by well–informed intermediaries in a world of imperfectly–informed agents is examined for the trade relations between China, Hong Kong and the rest of the world.

Spis treści:
1. Diverging Populations and Endogenous Growth in a Model of Meaningless Trade: Alan Deardorff (University of Michigan).
2. Basic Stochastic Dynamic Systems: Bjarne S. Jensen (Kopenhagen Business School, Denmark) and Chunyan Wang (Kopenhagen Business School, Denmark).
3. Trade Gains in Chaotic Equilibria: Murray Kemp (University of New South Wales, Australia) and Koji Shimomura (Kobe University, Japan).
4. Hong Kong: The Fragile Economy of Middlemen: Henry Y. Wan, Jr.(Cornell University) and Jason Weisman (Cornell University).
5. Catching–up and Regulation in a Two–Sector Small Open Economy: Theo van de Klundert (Tilburg University, The Netherlands) and Sjak Smulders (Tilburg University, The Netherlands).
6. Migration under Asymmetric Information and Human Capital Formation: Nancy H. Chau (Southern Illinois University) and Oded Stark (University of Oslo, Norway).
7. Chaotic Equilibria in a Small Open Overlapping Generations Economy with Child–Parent Externality: Kazuo Nishimura (Kyoto University, Japan) and Koji Shimomura (Kobe University, Japan).

Okładka tylna:
This book presents new research on combining the theory of economic growth with the theory of international trade and international factor movements. As growth theory, it studies the behavior of fundamental dynamic models (deterministic, stochastic) of trading economies. As trade theory, it is concerned with gains from trade and dynamic welfare implications of regulations and strategic trade policy. It exhibits a dynamic general equilibrium of a small open economy, which is not only gainful but also deterministically chaotic. It demonstrates that skilled worker migration and welfare gains of the home country need not be mutually exclusive. The celebrated Balassa–Samuelson hypothesis is contrasted with the experience of many fast–growing Asian countries. An extended model with endogenous productivity growth in the distribution service sector is analyzed. The crucial role played by well–informed intermediaries in a world of imperfectly–informed agents is examined for the trade relations between China, Hong Kong and the rest of the world.