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The Measurement of a Nation's Terms of Trade Effect and Real National Disposable Income Within a National Accounting Framework

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  • Mick Silver
  • Khashayar Mahdavy

Abstract

Changes in a nation's real income may differ from changes in domestic production due to gains (losses) arising from changes in the prices of exports relative to imports (terms of trade effect) and changes in net factor income and current transfers from abroad. Measures of these components in real terms are contingent on a particular utilization of the income arising (foregone) from these sources. This paper proposes a national accounting framework for the measurement of real income, surveys and proposes alternative deflators and provides empirical evidence of how misleading a measure contingent on one spending scenario is. An interpretative framework based on more than one measure is proposed.

Suggested Citation

  • Mick Silver & Khashayar Mahdavy, 1989. "The Measurement of a Nation's Terms of Trade Effect and Real National Disposable Income Within a National Accounting Framework," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 152(1), pages 87-107, January.
    • Handle: RePEc:bla:jorssa:v:152:y:1989:i:1:p:87-107
    DOI: 10.2307/2982822
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    Cited by:

    1. Klaus Abberger & Wolfgang Nierhaus, 2018. "Terms of Trade und Trading Gain in Deutschland und der Schweiz: – Ein Ländervergleich," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 71(06), pages 38-42, March.
    2. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Are Shocks to the Terms of Trade Shocks to Productivity?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 804-819, October.
    3. Robert G Gregory, 2012. "Living standards, terms of trade and foreign ownership: reflections on the Australian mining boom," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 56(2), pages 171-200, April.
    4. Wolfgang Nierhaus, 2019. "Realwert des Bruttoinlandsprodukts und Terms of Trade: Methodik und Ergebnisse für das Jahr 2018," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 72(04), pages 44-52, February.
    5. Kuboniwa, Masaaki & 久保庭, 眞彰 & Tabata, Shinichiro & Nakamura, Yasushi, 2016. "Soviet Foreign Trade Earnings Revisited," RRC Working Paper Series 60, Russian Research Center, Institute of Economic Research, Hitotsubashi University.
    6. Wolfgang Nierhaus, 2014. "Realwert des Bruttoinlandsprodukts: Aktuelle Ergebnisse," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 67(03), pages 52-55, February.
    7. Timothy J. Kehoe & Kim J. Ruhl, 2008. "Are Shocks to the Terms of Trade Shocks to Productivity?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(4), pages 804-819, October.
    8. Syed Tehseen Jawaid & Mariya Ahmad Qureshi & Samra Ali, 2021. "Does immiserizing growth exist? Evidence from world’s top trading nations," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing Limited, vol. 14(2), pages 124-148, January.
    9. Wolfgang Nierhaus, 2016. "Realwert des Bruttoinlandsprodukts und Terms of Trade: Ergebnisse für 2015," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(04), pages 60-64, February.
    10. Wolfgang Nierhaus, 2015. "Terms of Trade und Trading Gain," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(09), pages 16-20, May.
    11. Wolfgang Nierhaus & Timo Wollmershäuser, 2016. "ifo Konjunkturumfragen und Konjunkturanalyse: Band II," ifo Forschungsberichte, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 72, October.

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