Time Zone difference induced changes in trade and factor prices are relatively new concerns in trade literature. Here in this paper we formulate a trade model capturing the issue of Time Zone difference and communication technology revolution together to show that due to these developments...

The paper traces the evolution of trade theory beyond the standard 2X2 models and looks for implications of higher dimensional structures and adjustment problems with large shocks. Typically trade theory and policy talk about expansion and contraction of existing activities. In this paper we...

The recent Brexit episode is being interpreted in some quarters as an anti-globalisation backlash. Free trade does not promise gains for all without a proper compensating mechanism that allows winners to bribe the losers. Also standard prediction of trade theory does point towards increasing...

This paper attempts to provide an explanation to the debate whether infrastructure development is more effective than direct cash transfer to reduce wage disparity between skilled and unskilled workers. We use a simple general equilibrium structure to argue that in the presence of symmetric...

We extend standard Pareto criterion for welfare ranking in terms of inequality. We suggest strongly Pareto superior or SPS allocations which are inequality neutral but guarantee higher welfare for everyone. The purpose is to entertain the idea that rising inequality is a major welfare concern...

The recent Brexit episode is being interpreted in some quarters as an anti-globalisation backlash. Free trade does not promise gains for all without a proper compensating mechanism that allows winners to bribe the losers. Also standard prediction of trade theory does point towards increasing...

The recent Brexit episode is being interpreted in some quarters as an anti-globalisation backlash. Free trade does not promise gains for all without a proper compensating mechanism that allows winners to bribe the losers. Also standard prediction of trade theory does point towards increasing...

The well known Pareto criterion used in the context of efficiency and welfare has to do with absolute changes whereas in every domain of economic behavior inequality or relative changes has become a major concern. We propose an inequality-preserving or distribution neutral Pareto criterion-the...

A low wage developing economy (South) is interested in accessing and attracting superior technology from a high wage developed economy (North) with firms having heterogeneous quality of technology. To improve upon the initial market equilibrium, which shows that relatively inefficient...

International joint ventures (JV) are popular institutional forms chosen by the less developed countries (LDCs) to attract foreign Investments. In this paper we describe a set up where a multinational firm (MNF) decides on the volume of investment and the LDC gov-ernment offers a package...