A Theory of International Trade Under Uncertainty

Author： Helpman   Elhanan;Razin   Assaf;Shell   Karl  

Publisher： Elsevier Science‎

Publication year： 2014

E-ISBN: 9781483271514

P-ISBN(Paperback): 9780123396501

Subject： D8 Diplomacy, International Relations;F7 Trade Economy;F74 international trade

Keyword： 贸易经济

Language： ENG

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Description

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 inter

Chapter

Front Cover

Front Cover

A Theory of International Trade under Uncertainty

A Theory of International Trade under Uncertainty

Copyright Page

Copyright Page

Table of Contents

Table of Contents

Preface

Preface

Chapter 1. Introduction

Chapter 1. Introduction

REFERENCES

REFERENCES

Chapter 2. Elements of the Deterministic Theory of International Trade

Chapter 2. Elements of the Deterministic Theory of International Trade

2.1 THE RICARDIAN THEORY

2.1 THE RICARDIAN THEORY

2.2 THE HECKSCHER–OHLIN THEORY

2.2 THE HECKSCHER–OHLIN THEORY

Chapter 3. Elements of the Theory of Economic Decision Making under Uncertainty

Chapter 3. Elements of the Theory of Economic Decision Making under Uncertainty

3.1 EXPECTED UTILITY, RISK AVERSION, AND PORTFOLIO CHOICE

3.1 EXPECTED UTILITY, RISK AVERSION, AND PORTFOLIO CHOICE

3.2 INCREASING RISK

3.2 INCREASING RISK

3.3 MARKETS FOR RISK SHARING

3.3 MARKETS FOR RISK SHARING

3.4 INDIVIDUAL DECISION MAKING UNDER UNCERTAINTY: AN APPLICATION

3.4 INDIVIDUAL DECISION MAKING UNDER UNCERTAINTY: AN APPLICATION

Chapter 4. A Critical Survey of the Literature

Chapter 4. A Critical Survey of the Literature

4.1 THE GENERAL FRAMEWORK

4.1 THE GENERAL FRAMEWORK

4.2 EX-ANTE TRADING DECISIONS

4.2 EX-ANTE TRADING DECISIONS

4.3 EX-POST COMMODITY TRADING DECISIONS

4.3 EX-POST COMMODITY TRADING DECISIONS

4.4 FINANCIAL MARKETS

4.4 FINANCIAL MARKETS

REFERENCES

REFERENCES

Chapter 5. A Stock Market Economy

Chapter 5. A Stock Market Economy

5.1 THE FRAMEWORK

5.1 THE FRAMEWORK

5.2 FIRMS

5.2 FIRMS

5.3 CONSUMERS

5.3 CONSUMERS

5.4 AN ALTERNATIVE SPECIFICATION

5.4 AN ALTERNATIVE SPECIFICATION

5.5 EQUILIBRIUM

5.5 EQUILIBRIUM

REFERENCES

REFERENCES

Chapter 6. A Diagrammatic Exposition of Stock Market Equilibrium and the Balance of Payments

Chapter 6. A Diagrammatic Exposition of Stock Market Equilibrium and the Balance of Payments

6.1 THE BASIC PROBLEMS

6.1 THE BASIC PROBLEMS

6.2 NO INTERNATIONAL TRADE IN SECURITIES

6.2 NO INTERNATIONAL TRADE IN SECURITIES

6.3 INTERNATIONAL TRADE IN SECURITIES

6.3 INTERNATIONAL TRADE IN SECURITIES

6.4 STOCK MARKET EQUILIBRIUM WITH A SAFE BOND

6.4 STOCK MARKET EQUILIBRIUM WITH A SAFE BOND

REFERENCES

REFERENCES

Chapter 7. The Basic Propositions of the Pure Theory of International Trade Revised

Chapter 7. The Basic Propositions of the Pure Theory of International Trade Revised

7.1 COMPARATIVE COSTS THEORY

7.1 COMPARATIVE COSTS THEORY

7.2 FACTOR-PRICE EQUALIZATION

7.2 FACTOR-PRICE EQUALIZATION

7.3 THE STOLPER-SAMUELSON THEOREM

7.3 THE STOLPER-SAMUELSON THEOREM

7.4 THE RYBCZYNSKI THEOREM

7.4 THE RYBCZYNSKI THEOREM

7.5 THE HECKSCHER-OHLIN THEOREM

7.5 THE HECKSCHER-OHLIN THEOREM

REFERENCES

REFERENCES

Chapter 8. Commercial Policy

Chapter 8. Commercial Policy

8.1 THE DETERMINISTIC MODEL

8.1 THE DETERMINISTIC MODEL

8.2 PROTECTION UNDER UNCERTAINTY

8.2 PROTECTION UNDER UNCERTAINTY

8.3 WELFARE LOSSES FROM TARIFFS

8.3 WELFARE LOSSES FROM TARIFFS

REFERENCES

REFERENCES

Chapter 9. Gains from Trade

Chapter 9. Gains from Trade

9.1 GAINS FROM TRADE FOR A SMALL COUNTRY

9.1 GAINS FROM TRADE FOR A SMALL COUNTRY

9.2 AN IMPROVEMENT IN THE TERMS OF TRADE

9.2 AN IMPROVEMENT IN THE TERMS OF TRADE

9.3 GAINS FROM RESTRICTED TRADE

9.3 GAINS FROM RESTRICTED TRADE

9.4 GAINS FROM TRADE FOR A LARGE COUNTRY

9.4 GAINS FROM TRADE FOR A LARGE COUNTRY

REFERENCE

REFERENCE

Chapter 10. Efficient Intervention in Financial Capital Markets

Chapter 10. Efficient Intervention in Financial Capital Markets

10.1 FIRST-BEST TAXATION OF EQUITIES

10.1 FIRST-BEST TAXATION OF EQUITIES

10.2 A SECOND-BEST ARGUMENT FOR EQUITY TAXATION

10.2 A SECOND-BEST ARGUMENT FOR EQUITY TAXATION

10.3 OPTIMAL INTERVENTION IN THE PRESENCE OF CONFISCATION RISKS

10.3 OPTIMAL INTERVENTION IN THE PRESENCE OF CONFISCATION RISKS

REFERENCES

REFERENCES

Chapter 11. A Dynamic Reformulation

Chapter 11. A Dynamic Reformulation

11.1 THE MODEL

11.1 THE MODEL

11.2 A DIAGRAMMATIC EXPOSITION

11.2 A DIAGRAMMATIC EXPOSITION

11.3 THE BASIC PROPOSITIONS

11.3 THE BASIC PROPOSITIONS

11.4 AN EXAMPLE

11.4 AN EXAMPLE

REFERENCES

REFERENCES

Appendix A: Derivation of Equation (8.15)

Appendix A: Derivation of Equation (8.15)

Appendix B: Derivation of the Optimal Policies for Section 10.3

Appendix B: Derivation of the Optimal Policies for Section 10.3

Index

Index

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