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The Standard

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(1)

Chapter 5

The Standard

Trade Model

(2)

Introduction

• The standard trade model combines ideas from the Ricardian model and the Heckscher-Ohlin model.

1. Differences in labor, labor skills, capital, land, and

technology between countries cause productive differences, leading to gains from trade.

2. These productive differences are represented as differences in production possibility frontiers, which represent the productive capacities of nations.

3. A country’s PPF determines its relative supply curve.

4. National relative supply curves determine world relative supply, which along with world relative demand determines an equilibrium under international trade.

(3)

The Value of Production (cont.)

Objective function:

max (its production possibilities.)

Subject to:

V = PCQC + PF QF

Equilibrium

the tangent point b/w economy’s

(4)

The Value of Production (cont.)

(5)

The Value of Consumption (cont.)

Maximization : U (C, F)

S.T: PC DC + PF DF = V (=PC QC + PF QF )

Equilibrium: tangent point between Indifference curve and the prices of

(6)

Prices and

the Value of Consumption (cont.)

When the price of

cloth rises relative to the price of food, the economy is better off when it exports cloth:

when it exports cloth:

a higher indifference curve results.

A higher price for cloth exports means that

more food can be imported.

(7)

Welfare and the Terms of Trade

• The terms of trade refers to the price of exports relative to the price of imports.

ToT = (the price of exports/the price of imports)

ToT = (the price of exports/the price of imports)

When a country exports cloth and the relative price of cloth increases, the terms of trade

increase or “improve”.

(8)

Determining Relative Prices (cont.)

(9)

The Effects of Economic Growth

• Is growth in a country more or less

valuable when it is integrated in the world economy?

- Is economic growth in China good for the - Is economic growth in China good for the standard of living in the US?

• The standard trade model gives us precise

answers to these questions.

(10)

Growth is usually

biased: it occurs in one sector more than others, causing relative supply to shift.

Rapid growth has occurred in US

computer industries but relatively little growth has

occurred in US occurred in US textile industries.

Technological progress in one sector or an increase in one

factor of production causes biased

growth.

(11)

• Biased growth and the resulting shift in relative supply causes a change in the terms of trade.

Biased growth in the cloth industry (in either the domestic or foreign country) will lower the country) will lower the relative price of cloth and lower the terms of trade for cloth exporters.

Suppose that the domestic country exports cloth and imports food.

(12)

• Biased growth and the resulting shift in relative supply causes a change in the terms of trade.

Biased growth in the food industry will raise the relative price of

cloth and raise the cloth and raise the

terms of trade for cloth exporters.

Suppose that the domestic country exports cloth and imports food.

(13)

The Effects of Economic Growth (cont.)

• Export-biased growth is growth that expands a

country’s PPF disproportionally in production of that country’s exports.

Biased growth in the food industry in the foreign country is export-biased growth for the foreign country.

export-biased growth for the foreign country.

• Import-biased growth is growth that expands a

country’s PPF disproportionally in production of that country’s imports.

Biased growth in cloth production in the foreign country is import-biased growth for the foreign country.

(14)

The Effects of Economic Growth (cont.)

• Export-biased growth reduces a country’s terms of trade, generally reducing its

welfare and increasing the welfare of foreign countries.

• Import-biased growth increases a country’s terms of trade, generally increasing its

welfare and decreasing the welfare of

foreign countries.

(15)

Has Growth in Asia Reduced

the Welfare of High Income Countries?

• The standard trade model predicts that import biased growth in China reduces the US terms of trade and the standard of living in the US.

Import biased growth for China would occur in sectors that compete with US exports.

compete with US exports.

• But this prediction is not supported by data:

there should be negative changes in the terms of trade for the US and other high income countries.

In fact, the terms of trade for high income countries have been positive and negative for developing Asian countries.

(16)

Has Growth in Asia Reduced the

Welfare of High Income Countries? (cont.)

• The terms of trade of advanced countries actually improved from 1986 to 1995 and then declined only slightly thereafter.

• That of developing Asia actually worsened steadily.

(17)

The Effects of

International Transfers of Income

• Transfers of income sometimes occur from one country to another.

War reparations or foreign aid may influence demand for traded goods and therefore

relative demand.

relative demand.

International loans may also influence relative demand in the short run, before the loan is

paid back.

• How do transfers of income across countries

affect relative demand and the terms of trade?

(18)

The Effects of

International Transfers of Income (cont.)

• Countries spend most of their (marginal) income on their own products.

Americans spend only 11% of national income on imports and

89% on domestically produced goods.

goods.

• Transportation costs, tariffs, and other barriers cause domestic residents to favor domestic goods.

• We predict that the relative demand curve will

shift left with a transfer of income, decreasing

(19)

The Effects of

International Transfers of Income (cont.)

• Home cty income decreases, causing the demand for its own goods and foreign goods to reduce

• Foreign cty income increases, causing the demand for its own goods and foreign goods to increase

• Whether the RD may shift left or not depends on the marginal propensity on the goods.

• Assume that Home cty shows a higher propensity on the home cty goods and a foreign cty shows a higher propensity on its own goods, total demand

(20)

The Effects of

International Transfers of Income (cont.)

1에서 2로 이동: 국내 소득

감소로 cloth의 수요

대폭

감소;

2에서 로 이동: 해외 소득의 증가로 cloth의 수요

소폭

증가

(21)

The Effects of

International Transfers of Income (cont.)

• The existence of non-traded goods and

services may cause relative supply shifts that reinforce the decrease in the terms of trade for a donor country.

A transfer of income from a donor country will

A transfer of income from a donor country will

reduce demand for and thus production of non- traded goods in the donor country, so that these resources can be used in its export sector.

* Industries that produce non-traded goods and services compete for resources with industries that produce traded goods.

(22)

The Effects of

International Transfers of Income (cont.)

The supply of exports relative to imports in the donor country increases, reducing the terms of trade for the donor country.

A transfer of income will increase demand for and production of non-traded goods in foreign countries, production of non-traded goods in foreign countries, so that fewer resources can be used in its export

sector.

In the foreign country, the supply of exports

relative to imports decreases, reducing the terms of trade for the donor country.

(23)

Import Tariffs and Export Subsidies

• Import tariffs are taxes levied on imports

• Export subsidies are payments given to domestic producers that export.

• Both policies influence the terms of trade and

therefore national welfare.

(24)

Import Tariffs and Export Subsidies (cont.)

• Import tariffs and export subsidies drive a wedge between prices in world markets (or external prices) and prices in domestic

markets (or internal prices).

• The terms of trade refers to the relative value of a country’s exports and a country’s imports.

Since exports and imports are traded in world markets, the terms of trade measures external prices.

(25)

Import Tariffs and Distribution of Income Across Countries

• If the domestic country imposes a tariff on food imports, the price of cloth relative to the price of food in the domestic market is lower (Pf increases).

Domestic producers will be more willing to switch to food production: supply for the Qf increases.

Domestic consumers will be more willing to switch to cloth consumption: demand for Qf decreases.

(26)

Import Tariffs and Distribution of Income Across Countries (cont.)

0. 상승폭이 크면 국제경제에 미치는 효과가 크므로 large country에 해당 0. 상승폭이 작으면 small country

Tariff -> Pf 증가 -> S(f) 증가

& D(f) 감소 -> RS(c/f) 감소 &

RD(c/f) 증가 -> ToT 개선 (international prices)

(27)

Import Tariffs and Distribution of Income Across Countries (cont.)

• When the domestic country imposes an import tariff, as a result, the terms of trade increases.

• The magnitude of this effect depends on the size of the domestic country relative to the world economy.

If the country is small part of the world economy, its tariff (or subsidy) policies will not have much effect on world relative supply and demand, and thus on the terms of trade.

But for large countries, a tariff rate that maximizes national welfare at the expense of foreign countries may exist.

(28)

Import Tariffs and Distribution of Income Across Countries (cont.)

Metzler’s Paradox : 관세가 수입재의 국제시장에서의 상대가격을 충분히 하락시켜 수입재의 국내상대가격도 하락시킬 수 있다.

아래 두 조건의 경우 국제시장에서의 수입재의 상대가격은 관세의 폭보다 더 떨어지게 되고 그 결과 수입재의

국내상대가격은 관세부과 국에서도 하락 - only if

- only if 상대국의 수입수요탄력성이 비탄력적

- only if 관세부과국의 수입재에 대한 한계수입성향이 매우 낮은 경우

• Tariff -> Pf 증가 -> S(f) 증가 & D(f) 감소 -> RS(c/f) 감소 & RD(c/f) 증가 -> ToT 개선 -> Pf의 상대가격은 하락했다는 말.

(29)

Import Tariffs and Distribution of Income Across Countries (cont.)

다음은 수입관세 부과에 따른 국내소득의 재분배문제를 다룬

메츨러의 역설(Metzler's paradox)에 관한 설명이다. 밑줄친 부분중 옳지 않은 것은?

스톨퍼-사무엘슨정리(Stolper-Samuelson theorem)의 분석결과와 달리 메츨러의 역설(Metzler's paradox)에 따르면, 본국의

경제규모가 대규모이고, 상대국의 오퍼곡선이 비탄력적인 경우 경제규모가 대규모이고, 상대국의 오퍼곡선이 비탄력적인 경우 수입관세부과에 따른 교역조건의 개선효과가 관세부과 효과보다 작아져 수입품의 국내가격은 하락한다.

A.스톨퍼-사무엘슨정리

B.대규모

C.비탄력적

D.작아져

E.하락한다

(30)

Import Tariffs and Distribution of Income Across Countries (cont.)

• 최근 동남아 로부터 노동자들이 우리나라에 많이 들어오고 있다. 이러한 노동이동이 우리 경제에 어떠한 영향을 주고 있는지를 국제무역이론에 입각하여 분석해 보자. 논의의 편의를 위해 다음을 가정하자.

• ①A와 B, 두 국가만이 존재하고, 양국 모두 자본( )과 노동( ) 두 가지 생산요소를 이용하여 한 가지 재화 를 생산하며, 생산함수는 수확체감(decreasing return to scale)의 성질을 지닌다.

• ② 두 국가 사이에 자본의 이동은 불가능하나 노동의 이동은 완전히 자유롭다.

• ③생산요소는 완전고용되며, 생산물시장과 생산요소시장은 모두 완전경쟁적이다. 따라서 생산요소에 대한 실질보수는 한계생산과 일치한다.

• ④아래 그림과 같이 노동시장이 개방되기 이전 양국의 실질임금(한계생산) 및 노동부존량은 각각 , , 및및 이다. 따라서 세계의 총노동부존량은 이다.

• ⑤ 및 는 노동량과 노동의 한계생산간의 관계를 보여준다.

• 가. 노동시장이 개방되고 균형에 이르렀을 때 각국의 임금( , ) 및 노동부존량( 을 이용)을 위 그래프에 표시하고 개방이전과 비교하여 각국의 임금 및 노동부존량이 어떻게(증가 또는 감소) 변하는지 설명하시오.

• 나. 각국과 세계의 총생산 변화 및 각국의 내국인 노동자와 자본가의 소득분배에 나타나는 변화를 설명하시오. 다만, 총생산 변화의 경우 위의 그림을 이용하여 설명하시오.

(31)

Export Subsidies and Distribution of Income Across Countries

• If the domestic country imposes a subsidy on cloth exports, the price of cloth relative to price food in the domestic market is higher.

(

국제가격이 10이고 보조금이 5일 경우 기업은 수출가격의

(

국제가격이 10이고 보조금이 5일 경우 기업은 수출가격의 상승으로 생산을 늘리고 수출을 늘리고 국내판매를 줄여서 국내가격은 상승)

[Pc + t =Pc(국내가격 상승)]

Domestic producers will be more willing to switch to cloth production.

Domestic consumers will be more willing to switch

(32)

Export Subsidies and Distribution of Income Across Countries (cont.)

E.Subsidy-> Pc 증가 -> S(c) 증가 & D(c) 감소 -> RS(c/f) 증가 & RD(c/f) 감소 -> ToT 하락

(33)

Import Tariffs and Export Subsidies in Other Countries

• The effects of tariffs and subsidies that occur in a world with many countries and many goods:

A foreign country may subsidize the export of a good that the US also exports, which will reduce its price in world markets and decrease the terms of trade for the US.

and decrease the terms of trade for the US.

• The EU subsidizes agricultural exports, which reduce the price that American farmers receive for their goods in world markets.

• Pc증가 -> S(c)증가&D(c)감소->따라서 RS증가 RD감소->TOT 하락

A foreign country may put a tariff on an imported good that the US also imports, which will reduce its price in world markets and increase the terms of trade for the US.

* Pf증가 -> S(f)증가&D(f)감소->따라서 RS감소 RD증가->TOT 증가

(34)

Import Tariffs and Export Subsidies in Other Countries (cont.)

• Export subsidies by foreign countries on goods that

the US imports, reduce the world price of US imports and increase the US terms of trade.

* Pf증가 -> S(f)증가&D(f)감소->따라서 RS감소 RD증가->TOT 증가

the US also exports, reduce the world price of US exports

the US also exports, reduce the world price of US exports and decrease the US terms of trade.

• Import tariffs by foreign countries on goods that

the US exports, reduce the world price of US exports and decrease the US terms of trade.

the US also imports, reduce the world price of US imports and increase the US terms of trade.

(35)

Import Tariffs and Export Subsidies

• Export subsidies on a good decrease the

relative world price of that good by increasing relative supply of that good and decreasing relative demand of that good.

• Import tariffs on a good decrease the relative world price of that good (and increase the

relative world price of other goods) by

increasing the relative supply of that good and

decreasing the relative demand of that good.

(36)

Import Tariffs, Export Subsidies and

Distribution of Income Within a Country

• Because of changes in relative prices,

import tariffs and export subsidies have

effects on income distribution among

producers within a country.

(37)

Import Tariffs, Export Subsidies and

Distribution of Income Within a Country (cont.)

• Generally, a domestic import tariff increases income for domestic import-competing producers by allowing the price of their goods to rise to match increased

import prices, and it shifts resources away from the export sector.

export sector.

• Generally, a domestic export subsidy increases

income for domestic exporters, and it shifts resources away from the import-competing sector.

(38)

Food

(39)
(40)
(41)

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