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On Terms of Trade and Capital Accumulation

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  • Guillo, Maria Dolores

Abstract

This paper studies, within an OLG general equilibrium framework, the role of relative factor intensities in determining the relationship between the terms of trade and the capital stock. It shows that a diversified production equilibrium can be characterized by a positive association between these two variables if the investment sector is more labor-intensive and sector technologies are relatively dissimilar. Therefore, capital accumulation and terms-of-trade improvements do not require an import sector growing faster than the export sector when the latter is more capital-intensive. Large Stolper-Samuelson effects on factor incomes drive the results. Copyright 1999 by Blackwell Publishing Ltd.

Suggested Citation

  • Guillo, Maria Dolores, 1999. "On Terms of Trade and Capital Accumulation," Review of International Economics, Wiley Blackwell, vol. 7(2), pages 228-244, May.
    • Handle: RePEc:bla:reviec:v:7:y:1999:i:2:p:228-44
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    Cited by:

    1. Claustre Bajona & Timothy J. Kehoe, 2006. "Demographics in dynamic Heckscher-Ohlin models: overlapping generations versus infinitely lived consumers," Staff Report 377, Federal Reserve Bank of Minneapolis.
    2. Serdar Sayan, 2002. "Dynamic Heckscher-Ohlin Results from a 2x2x2x2 Overlapping Generations Model with Unequal Population Growth Rates," GE, Growth, Math methods 0203002, University Library of Munich, Germany, revised 14 Mar 2002.
    3. Serdar Sayan & Ali Emre Uyar, 2001. "Directions of Trade Flows and Labor Movements between high-and Low-Population Growth Countries: An Overlapping Generations General Equilibrium Analysis," Working Papers 0108, Department of Economics, Bilkent University.

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