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The Impact Of Changes In Terms Of Trade On A System Of National Accounts: An Attempted Synthesis

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  • Yoshimasa Kurabayashi

Abstract

The objective of this paper is to reformulate the terms of trade effect within a framework of national accounts in constant prices. The issue has been discussed by Professor R. C. Geary, Dr. G. Stuvel and others. In what follows the author proposes a new formula for deflating the net factor income from abroad and the net lending to the rest of the world. It is shown that the terms of trade effect which follows from the formula be expressed as a synthesis of Geary's and Stuvel's approaches. The author also shows that a similar approach be applied to the construction of the sector production account in constant prices. By formulating an appropriate deflator which is right for deflating factor incomes he concludes that the terms of trade arising from changes in inputs prices relative to output price be closely associated with the term which expresses the effect of productivity changes.

Suggested Citation

  • Yoshimasa Kurabayashi, 1971. "The Impact Of Changes In Terms Of Trade On A System Of National Accounts: An Attempted Synthesis," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 17(3), pages 285-297, September.
    • Handle: RePEc:bla:revinw:v:17:y:1971:i:3:p:285-297
    DOI: 10.1111/j.1475-4991.1971.tb00781.x
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    Cited by:

    1. Surajit Deb, 2002. "Terms of Trade in a Multi-Sectoral Framework: Analysis for All-India and States," Working papers 112, Centre for Development Economics, Delhi School of Economics.
    2. Marshall B. Reinsdorf, 2010. "Terms Of Trade Effects: Theory And Measurement," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(s1), pages 177-205, June.
    3. Ryan Macdonald, 2010. "Real Gross Domestic Income, Relative Prices, And Economic Performance Across The Oecd," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 56(3), pages 498-518, September.

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