Helpman / Razin / Shell A Theory of International Trade Under Uncertainty

1. Auflage 2014
ISBN: 978-1-4832-7151-4
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 202 Seiten, Web PDF

A Theory of International Trade Under Uncertainty analyzes international trade in goods and securities in the presence of uncertainty using an integrated general equilibrium framework that recognizes the dependence of markets for goods on financial markets and vice versa. The usefulness of this approach is demonstrated by means of applications to questions such as the effects of international trade on resource allocation, tariff policy, and intervention in financial capital markets. Results which are important for theoretical as well as policy oriented applications are presented. Comprised of 11 chapters, this volume begins with an introduction to some of the fundamental elements of the deterministic Ricardian and Heckscher-Ohlin theories of international trade. Relevant elements from the theory of decision making under uncertainty are then discussed, along with the behavior of firms and consumers-investors in an economy with stock markets. Subsequent chapters focus on problems of commercial policy; gains from trade in goods and securities; and issues of intervention in financial capital markets. The book concludes by describing a dynamic model of international trade that contains an infinite horizon and takes into account the trade-off between present period consumption and savings. An example that illustrates an equilibrium structure of the dynamic model is presented. This monograph is intended for economists who are interested in international trade or international finance, including graduate students who specialize in these fields.

Elhanan Helpman is Galen L. Stone Professor of International Trade, Harvard University, Cambridge MA, USA

Autoren/Hrsg.

Helpman, Elhanan

Razin, Assaf

Shell, Karl

Inhaltsverzeichnis

1;Front Cover;1
2;A Theory of International Trade under Uncertainty;4
3;Copyright Page;5
4;Table of Contents;8
5;Preface;12
6;Chapter 1. Introduction;16
6.1;REFERENCES;18
7;Chapter 2. Elements of the Deterministic Theory of International Trade;20
7.1;2.1 THE RICARDIAN THEORY;20
7.2;2.2 THE HECKSCHER–OHLIN THEORY;28
8;Chapter 3. Elements of the Theory of Economic Decision Making under Uncertainty;42
8.1;3.1 EXPECTED UTILITY, RISK AVERSION, AND PORTFOLIO CHOICE;42
8.2;3.2 INCREASING RISK;46
8.3;3.3 MARKETS FOR RISK SHARING;47
8.4;3.4 INDIVIDUAL DECISION MAKING UNDER UNCERTAINTY: AN APPLICATION;50
9;Chapter 4. A Critical Survey of the Literature;58
9.1;4.1 THE GENERAL FRAMEWORK;58
9.2;4.2 EX-ANTE TRADING DECISIONS;59
9.3;4.3 EX-POST COMMODITY TRADING DECISIONS;65
9.4;4.4 FINANCIAL MARKETS;73
9.5;REFERENCES;76
10;Chapter 5. A Stock Market Economy;78
10.1;5.1 THE FRAMEWORK;79
10.2;5.2 FIRMS;80
10.3;5.3 CONSUMERS;84
10.4;5.4 AN ALTERNATIVE SPECIFICATION;86
10.5;5.5 EQUILIBRIUM;88
10.6;REFERENCES;92
11;Chapter 6. A Diagrammatic Exposition of Stock Market Equilibrium and the Balance of Payments;94
11.1;6.1 THE BASIC PROBLEMS;95
11.2;6.2 NO INTERNATIONAL TRADE IN SECURITIES;96
11.3;6.3 INTERNATIONAL TRADE IN SECURITIES;101
11.4;6.4 STOCK MARKET EQUILIBRIUM WITH A SAFE BOND;104
11.5;REFERENCES;106
12;Chapter 7. The Basic Propositions of the Pure Theory of International Trade Revised;108
12.1;7.1 COMPARATIVE COSTS THEORY;109
12.2;7.2 FACTOR-PRICE EQUALIZATION;114
12.3;7.3 THE STOLPER-SAMUELSON THEOREM;118
12.4;7.4 THE RYBCZYNSKI THEOREM;120
12.5;7.5 THE HECKSCHER-OHLIN THEOREM;121
12.6;REFERENCES;122
13;Chapter 8. Commercial Policy;124
13.1;8.1 THE DETERMINISTIC MODEL;124
13.2;8.2 PROTECTION UNDER UNCERTAINTY;126
13.3;8.3 WELFARE LOSSES FROM TARIFFS;134
13.4;REFERENCES;141
14;Chapter 9. Gains from Trade;142
14.1;9.1 GAINS FROM TRADE FOR A SMALL COUNTRY;142
14.2;9.2 AN IMPROVEMENT IN THE TERMS OF TRADE;146
14.3;9.3 GAINS FROM RESTRICTED TRADE;148
14.4;9.4 GAINS FROM TRADE FOR A LARGE COUNTRY;152
14.5;REFERENCE;152
15;Chapter 10. Efficient Intervention in Financial Capital Markets;154
15.1;10.1 FIRST-BEST TAXATION OF EQUITIES;154
15.2;10.2 A SECOND-BEST ARGUMENT FOR EQUITY TAXATION;157
15.3;10.3 OPTIMAL INTERVENTION IN THE PRESENCE OF CONFISCATION RISKS;164
15.4;REFERENCES;170
16;Chapter 11. A Dynamic Reformulation;172
16.1;11.1 THE MODEL;172
16.2;11.2 A DIAGRAMMATIC EXPOSITION;175
16.3;11.3 THE BASIC PROPOSITIONS;177
16.4;11.4 AN EXAMPLE;178
16.5;REFERENCES;186
17;Appendix A: Derivation of Equation (8.15);188
18;Appendix B: Derivation of the Optimal Policies for Section 10.3;192
19;Index;198