A Theory of International Trade Under Uncertainty - 1st Edition - ISBN: 9780123396501, 9781483271514

A Theory of International Trade Under Uncertainty

1st Edition

Authors: Elhanan Helpman Assaf Razin
Editors: Karl Shell
eBook ISBN: 9781483271514
Imprint: Academic Press
Published Date: 28th January 1979
Page Count: 202
Tax/VAT will be calculated at check-out Price includes VAT (GST)
30% off
30% off
30% off
30% off
30% off
20% off
20% off
30% off
30% off
30% off
30% off
30% off
20% off
20% off
30% off
30% off
30% off
30% off
30% off
20% off
20% off
54.95
38.47
38.47
38.47
38.47
38.47
43.96
43.96
43.99
30.79
30.79
30.79
30.79
30.79
35.19
35.19
72.95
51.06
51.06
51.06
51.06
51.06
58.36
58.36
Unavailable
Price includes VAT (GST)
× DRM-Free

Easy - Download and start reading immediately. There’s no activation process to access eBooks; all eBooks are fully searchable, and enabled for copying, pasting, and printing.

Flexible - Read on multiple operating systems and devices. Easily read eBooks on smart phones, computers, or any eBook readers, including Kindle.

Open - Buy once, receive and download all available eBook formats, including PDF, EPUB, and Mobi (for Kindle).

Institutional Access

Secure Checkout

Personal information is secured with SSL technology.

Free Shipping

Free global shipping
No minimum order.

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 international finance, including graduate students who specialize in these fields.

Table of Contents


Preface

Chapter 1 Introduction

References

Chapter 2 Elements of the Deterministic Theory of International Trade

2.1 The Ricardian Theory

2.2 The Heckscher-Ohlin Theory

References

Chapter 3 Elements of the Theory of Economic Decision Making Under Uncertainty

3.1 Expected Utility, Risk Aversion, and Portfolio Choice

3.2 Increasing Risk

3.3 Markets for Risk Sharing

3.4 Individual Decision Making Under Uncertainty: An Application

References

Chapter 4 A Critical Survey of the Literature

4.1 The General Framework

4.2 Ex-Ante Trading Decisions

4.3 Ex-Post Commodity Trading Decisions

4.4 Financial Markets

References

Chapter 5 A Stock Market Economy

5.1 The Framework

5.2 Firms

5.3 Consumers

5.4 An Alternative Specification

5.5 Equilibrium

References

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

6.1 The Basic Problems

6.2 No International Trade in Securities

6.3 International Trade in Securities

6.4 Stock Market Equilibrium with a Safe Bond

References

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

7.1 Comparative Costs Theory

7.2 Factor-Price Equalization

7.3 The Stolper-Samuelson Theorem

7.4 The Rybczynski Theorem

7.5 The Heckscher-Ohlin Theorem

References

Chapter 8 Commercial Policy

8.1 The Deterministic Model

8.2 Protection Under Uncertainty

8.3 Welfare Losses from Tariffs

References

Chapter 9 Gains from Trade

9.1 Gains from Trade for a Small Country

9.2 An Improvement in the Terms of Trade

9.3 Gains from Restricted Trade

9.4 Gains from Trade for a Large Country

Reference

Chapter 10 Efficient Intervention in Financial Capital Markets

10.1 First-Best Taxation of Equities

10.2 A Second-Best Argument for Equity Taxation

10.3 Optimal Intervention in the Presence of Confiscation Risks

References

Chapter 11 A Dynamic Reformulation

11.1 The Model

11.2 A Diagrammatic Exposition

11.3 The Basic Propositions

11.4 An Example

References

Appendix A Derivation of Equation (8.15)

Appendix B Derivation of the Optimal Policies for Section 10.3

Index

Details

No. of pages:
202
Language:
English
Copyright:
© Academic Press 1978
Published:
Imprint:
Academic Press
eBook ISBN:
9781483271514

About the Author

Elhanan Helpman

Affiliations and Expertise

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

Assaf Razin

About the Editor

Karl Shell

Affiliations and Expertise

Cornell University