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How does factor accumulation affect the pattern of international specialization and returns to capital? We provide a new integrated treatment to this question using a panel of 44 developing and developed countries over the period 1976-2000. We confirm the Heckscher-Ohlin prediction that, with...
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theoretical perspective provides useful guidance to interpret the effects of unbridled globalization and the role of natural …
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A two country model of trade between a flexiwage and a minimum wage economy or two mmjmum wage economies is developed. The main novelty is that there are three factors of production: capital, skilled and unskilled labour. This unlocks the terms of trade. Unskilled labour is subject to the same...
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Fragmentierung geben. Während man im Zusammenhang mit der Ausweitung des Nord-Süd-Handels von einer "horizontalen Globalisierung …" spricht, gilt Fragmentierung als Ausdruck einer Vertiefung des internationalen Handels ("vertikale Globalisierung"). Wir … dramatically the distribution of comparative advantage across the world economy and the existing terms of trade. Most likely …
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