International Trade and Finance: New Frontiers for Research by Benjamin J. Cohen

By Benjamin J. Cohen

This selection of unique essays bargains a variety of latest scholarship meant to assist outline an schedule for destiny study within the box of overseas exchange and finance. Written to honor Peter B. Kenen and to discover his paintings, the quantity is split into 3 components: overseas exchange idea, foreign financial thought, and utilized coverage research. additionally integrated is an essay via Paul Krugman assessing Kenen's life of scholarly achievements.

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Jones and Marjit (1991) derive conditions under which the Stolper-Samuelson Theorem will hold in this context, and relates those conditions to the earlier results of Chipman (1969) and Kemp and Wegge (1969) summarized in Ethier (1984). 1, the asymmetry of the activity triangle ensures that the Stolper-Samuelson result will not hold in strong form, as the Kemp-Wegge conditions are violated. 1. With factor-price equalization across countries, the activity triangle will be the same for all countries.

Robert A. Mundell, "The theory of optimum currency areas," American Economic Review 51 (1961), 657-65. 20 P. R. Krugman 4. Ronald I. McKinnon, "Optimum currency areas," American Economic Review 53 (1963), 717-25. 5. Kenen, 1969. 6. This essay is included in Exchange Rates and the Monetary System: Selected Essays of Peter B. Kenen (1994). Peter B. Kenen: A chronology of principal publications as of June 1996 Books and monographs British Monetary Policy and the Balance of Payments\ 1951-1957. Cambridge: Harvard University Press, 1960.

The methodological solution that Kenen proposed was that land and labor be modeled as factors of production, whereas capital be viewed as "improving" the services of both these factors. The HO model of international trade is then defined in terms of these services. The natural endowments and capital do not enter the production function for final goods; rather, land and labor services do. These are in turn manufactured through use of the natural endowments and capital. The notion that capital acts through improving the other factors can be found in earlier authors.

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