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Marginal Intra-Industry Trade: Towards a Measure of Non-Disruptive Trade Expansion

In: Frontiers of Research in Intra-Industry Trade

Author

Listed:
  • Marius Brülhart

Abstract

When Verdoorn (1960) found that the formation of a customs union among the Benelux countries had stimulated large, two-way trade flows of similar products, and Drèze (1961) discovered the same phenomenon in the fledgling six-nation EEC, economists took note for one main reason:adjustment costs. Instead of inter-sectoral specialization according to countries’ comparative advantage, the national economies seemed to preserve their broad industrial structures and to specialize predominantly at the intra-sectoral level. A ‘smooth adjustment hypothesis’ (SAH) soon became firmly rooted in economic thinking, according to which intra-industry trade (IIT) expansion generally entails lower adjustment costs than does inter-industry trade.

Suggested Citation

  • Marius Brülhart, 2002. "Marginal Intra-Industry Trade: Towards a Measure of Non-Disruptive Trade Expansion," Palgrave Macmillan Books, in: P. J. Lloyd & Hyun-Hoon Lee (ed.), Frontiers of Research in Intra-Industry Trade, chapter 7, pages 109-130, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28598-9_7
    DOI: 10.1057/9780230285989_7
    as

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