Asset-market structure and international trade dynamics

Article Abstract:

The effects of limiting asset markets in an international real-business-cycle model are studied using a model with a constant-elasticity-of-substitution structure. Moreover, Marianne Baxter and Mario Crucini's proposal regarding the effectiveness of incomplete-market models is evaluated. Results show the model's inability to replicate trade balance and terms of trade volatilities. It can only be used in conditions wherein only two countries and two manufacturing goods exist.

International trade, Balance of trade, Business cycles, Terms of trade

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The first industrial revolution: a guided tour for growth economists

Article Abstract:

The UK industrial revolution that occurred in 1760-1830 can be effectively analyzed by growth economists using models that incorporate total-factor-productivity (TFP) growth. The endogenous-innovation model developed by Young (1993) contains characteristics that complement historical events. However, TFP-based models should not give unnecessary emphasis to research & development issues.

Administration of Urban Planning and Community and Rural Development, Economic Development NEC, United Kingdom, Economic development, Industrial development, Industrialization, House of Hanover, 1714-1901

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