Overcoming Informational Barries to International Resource Allocation : Prices and Ties  

Oleh:

Rauch, James E. ; Casella, Alessandra

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 113 no. 484 (2003), page 21-42.
Topik: resources; informational barriers; international resource; allocation; prices and ties
Fulltext: 21.pdf (155.29KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.9 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Incomplete information creates matching friction that interferes with the ability of prices to allocate scarce resources across countries but can be overcome by international information - sharing networks. When the difference between country factor - endowment ratios is large relative to network ties, efficient arbitrage breaks down, the price (wage) of each country's immobile resource becomes partially insulated from changes in foreign supply, and trade liberalization causes less resource price convergence. The model is applied to the trade and wages debate, to whether ties can reduce world welfare through trade division, and to the effect of ties on trade in differentiated versus homogeneous products.

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