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Co-movements in Relative Commodity Prices and International Capital Flows: A Simple Model

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  • Jones, Ronald W

Abstract

Suppose a number of countries produce a commodity that employs local labor and a type of capital that is internationally mobile. Within the framework of a specific-factors model, this paper argues that there is a presumption about the international movement of capital when the relative price of the industry using that capital rises on world markets. Capital flows toward countries less heavily involved in producing the commodity; internal labor flows contribute toward worldwide industry dispersion; and the volume of international trade in that commodity tends to fall. Copyright 1989 by Oxford University Press.

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  • Jones, Ronald W, 1989. "Co-movements in Relative Commodity Prices and International Capital Flows: A Simple Model," Economic Inquiry, Western Economic Association International, vol. 27(1), pages 131-141, January.
    • Handle: RePEc:oup:ecinqu:v:27:y:1989:i:1:p:131-41
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    Cited by:

    1. Pol Antràs & Ricardo J. Caballero, 2009. "Trade and Capital Flows: A Financial Frictions Perspective," Journal of Political Economy, University of Chicago Press, vol. 117(4), pages 701-744, August.
    2. Ronald W. Jones, 2018. "Bubble Diagrams in Trade Theory," World Scientific Book Chapters, in: International Trade Theory and Competitive Models Features, Values, and Criticisms, chapter 9, pages 137-152, World Scientific Publishing Co. Pte. Ltd..
    3. Clemens Struck & Adnan Velic, 2016. "Competing Gains From Trade," Trinity Economics Papers tep1116, Trinity College Dublin, Department of Economics, revised Apr 2018.
    4. Ronald W. Jones, 1995. "The Discipline of International Trade," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 131(III), pages 273-288, September.
    5. Jones, Ronald Winthrop, 1996. "Vertical markets in international trade," Discussion Papers, Series II 318, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    6. Ronald W. Jones & Sugata Marjit, 2003. "Economic Development, Trade and Wages," German Economic Review, Verein für Socialpolitik, vol. 4(1), pages 1-17, February.

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