国际贸易理论与政策.ppt

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1、国际贸易理论与政策国际贸易理论与政策Chapter 1 International Exchange and Gains from TradezThis chapter establishes a fundamental result:The International Exchange and The Gains from TradeI.The Causes of International Trade 1.General Equilibrium in the Closed EconomyThe International Exchange and The Gains from Tradez

2、EzXOzYzUazpAutarky equilibrium conditions:The International Exchange and The Gains from Trade Y 2.General Equilibrium in the Open Economy CXOpQDThe International Exchange and The Gains from Trade Trading equilibrium conditions:The International Exchange and The Gains from TradeII.Gains from TradeXYO

3、A country to trade at any price ratio other than its autarky prices must make the country better off.The International Exchange and The Gains from Trade 1.The Gains-from-Trade Theorem If the value of free trade consumption at free trade prices exceeds the value of autarky consumption at free trade p

4、rices,then the free trade consumption bundle must be preferred to the autarky bundle,because if it were not,consumers would pick the cheaper autarky.The International Exchange and The Gains from TradeXYOQEThe International Exchange and The Gains from Trade2.Decomposition of Trade GainsXOYChapter 2 T

5、echnology and Trade：the Ricardian Modelz The role of technology in explaining trade patterns is focus of this chapter.The earliest model of trade,that associated with the name of David Ricardo,is used to discuss this.It is assumed that labor is the only factor of production in the model.By differenc

6、e in technology,we mean that labor productivities differ across countries.International trade occurs based on the difference in labor productivities among countries.The Ricardian ModelI.The Basic Framework In the Ricardian model,there are two sectors(X,Y)and one homogeneous factor,labor,on several a

7、ssumptions as follows:(a)Labor is the only factor used in production of X and Y;(b)Labor is perfectly mobile within each country but internationally immobile;(c)Labor input required per unit of output remain constant;(d)Technologies differ between the two countries.Solving EquilibriumII.Production P

8、ossibility Frontier Full employment condition:labor required to produce one unit of X labor required to produce one unit of YProduction Possibility Frontier(PPF)XYOThe slope of the PPF,corresponds to the opportunity cost of production in the economy.The Pre-trade EconomyDemand has no role in determi

9、ning pre-trade prices.III.Autarky Equilibrium Profit Maximization:The Pre-trade EconomyXYOThe Pre-trade EconomyIII.Comparative Advantage Assume that Home has a relative higher productivity in X:So Home has a comparative advantage in good X The Pre-trade EconomyXYOHomeForeignIV.Free-Trade Equilibrium

10、XThe Home countryYOThe Foreign CountryXYOThe Welfare of Free TradeV.The Gains from Trade and the Role of Wages 1.Real wage in free tradeThe Welfare of Free TradeIn terms ofXYHome ,no change riseForeign ,rise no changeChanges in Real Wages(from Autarky to free trade）2.International wage comparisons a

11、nd productivitiesLabor Productivity and WagesThe Extension of the Ricardian ModelVI.The Ricardian Model with Many Goods The Extension of the Ricardian ModelVII.An Application of Ricadian Model：Trade and Wage Inequality Chapter 2 The Heckscher-Ohlin-Samuelson ModelzIn this chapter we analyze the effe

12、cts of international difference in factor endowments on trade and welfare by presenting the famous the Heckscher-Ohlin-Samuelson model,which was named for the two Swedish economists who developed its essentials,and Samuelson who formalised the original model.The model departs from the Ricardian mode

13、l in two fundamental ways:(1)introduction of second factor,(2)different factor abundance rather than different technologies between two nations.Three important results are demonstrated in the chapter:the H-O theorem,the Stolper-Samuelson theorem,and the Rybczynski theorem.The Heckscher-Ohlin-Samuels

14、on ModelI.The Two-Factor,Two-Sector Framework:The Basic ModelThis framework has the following key assumptions:(a)Each economy is endowed with fixed amounts of two homogenous factors,labor and capital,denoted by L and K respectively.(b)Two sectors produce two homogenous goods,labeled good 1 and 2.The

15、 production function of sector i,i=1,2,is linearly homogenous.In other words,production technology is constant return to scale.The Heckscher-Ohlin-Samuelson Model The production function for sector i is:(c)The production function for any particular sector is the same in both economies.(d)The product

16、ion functions for each sector within each economy are different.This means that sectors differ in their factor intensities at all factor prices(factor-intensity reversals are ruled out,which is known as the Samuelson intensity condition).(e)Preferences are identical and homothetic in both economies.

17、(f)Competition in factor and product marketsThe Heckscher-Ohlin-Samuelson ModelII.Production Equilibrium,where are the unit factor input requirement.Three equilibrium conditions:(a)Profit maximumWhere,is per capita output of good i.The Heckscher-Ohlin-Samuelson Model(b)Full employment(c)Competitive

18、equilibrium The Heckscher-Ohlin-Samuelson ModelLKOlFactor Intensity The Heckscher-Ohlin-Samuelson ModelLQ2Q1KOk1k2w/rThe Heckscher-Ohlin-Samuelson Modelkw/rOk1k2The Heckscher-Ohlin-Samuelson Modelk1KEQ1Q2k2OCone of diversificationL1L2LK2K1The Heckscher-Ohlin-Samuelson Modelwrp2p1w0r0OThe factor-pric

19、e frontierThe Heckscher-Ohlin-Samuelson ModelLKOQ2=1/p2Q1=1/p1(w/r)0(w/r)1The Heckscher-Ohlin-Samuelson Modelw/rp2/p1OThe Heckscher-Ohlin-Samuelson ModelIII.Factor Abundance and the Pattern of Trade:the H-O Theorem 1.Factor abundance There are two ways of defining relative factor abundance:the physi

20、cal definition and the price definition.The Heckscher-Ohlin-Samuelson Model(a)The physical definition if ,then Home is relatively capital-abundance compared to Foreign.OLKEThe Heckscher-Ohlin-Samuelson ModelQ1Q2OHomeForeignThe Heckscher-Ohlin-Samuelson ModelOAB The Heckscher-Ohlin-Samuelson Model(b)

21、The price definition The Heckscher-Ohlin-Samuelson Modelw/rp2/p1K/LOk1k2The Heckscher-Ohlin-Samuelson ModelThe H-O Theorem:Each country exports the commodity which requires for its production the relatively intensive use of the factor found in relative abundance in that country.The Heckscher-Ohlin-S

22、amuelson ModelIV.Trade and Income Distributional Effects:The Stolper-Samuelson Theorem An increase in the relative price of a good will unambiguously increase the real return to the factor of production used relatively intensively in the production of that good,while the real return to the other fac

23、tor of production will be reduced in terms of both goods.The Heckscher-Ohlin-Samuelson Modelwrp2p1w0r0Ow1r1The Heckscher-Ohlin-Samuelson Model Where stand for the shares of rewards accruing to factor j(j=L,K)as a proportion of the total earnings of each industry i(i=1,2).The Heckscher-Ohlin-Samuelso

24、n ModelV.Endowment Changes and Output Changes:The Rybczynski Theorem At constant commodity prices,an increase in one factor endowment will cause the output of the good intensive in that factor to increase by a greater proportion,and will reduce the output of the other good.The Heckscher-Ohlin-Samuel

25、son Modelk1KEQ1Q2k2OLThe Heckscher-Ohlin-Samuelson Model Where stands for the proportion of the countrys overall stock of factor j(j=L,K)in the particular industry i(i=1,2).VI.The Trading Equilibrium:An Integrated ApproachThe Heckscher-Ohlin-Samuelson ModelPattern of Trade and Chinas Comparative Adv

26、antage ShiftinglMore rapid growth in Chinas trade since door-opening.Chinas merchandise trade(imports+exports):17.4%;world trade:6%Exports:18.1%Imports:16.7%lChinas share in world exports of goods rose from 1%to 11%;China became the largest exporter of goods in 2009.lIts export dynamism is getting m

27、ore sophisticated(Rodrik,2006;Schott,2006)lSome critical questions for China now lie in the pace of their technological catch-up,quality upgrading of exports and sustainable growth of exportsPattern of Trade and Chinas Comparative Advantage ShiftingStructure of Chinas exports(%)Structural change of

28、Chinas manufactured exports0102030405060Hightechnology Mediumtechnology LowtechnologyResourcebased199220012008Structure of Chinas Exports by Technology(%)1987 1992 1997 2002 RB China 37311914World 34322827LT China 46444738World 22222220MT China 15222330World 36363839HT China 231118World 891314Techno

29、logy content of Chinas exportsCHAPTER 5 ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEIn this chapter,we will starting exploring the new reasons for trade with a discussion the role of economies of scale(EOS)other than those of comparative advantage.Trade enables countries to specialize in fewer

30、 production lines,hence ensuring that they benefit from EOS.These trade models will provide us with an understanding of intra-industry trade that occurs between countries that are similar in resources,technology and tastes.The direct implication of the existence of EOS(internal to the firm)for our m

31、odel is that we must switch form perfectly competitive markets to imperfectly competitive markets.I.Economies of ScaleEOSExternal Internal Perfect competition Imperfect CompetitionTypes of EOSMarket StructureECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEECONOMIES OF SCALE,IMPERFECT COMPETITION A

32、ND TRADEII.External Economies of Scale and Trade1.A trade model with external EOS Consider a simple two-country(Home and Foreign),two-good,one-factor(labour)model.Assume that sector 1 is subject to external economies of scale in both countries,and sector 2 exhibits constant-return-to-scale in both c

33、ountries.ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEExternal EOS provide a basis for trade independent of comparative advantage.Thus,even with no comparative advantage,countries end up specializing in the production of different goodsECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE2.The pat

34、tern of trade l When two countries are identical in the model,pattern of trade is unpredictable.l Pattern of trade may be determinate as historical or accidental factors,such as“first mover advantage”.l The degree of unpredictability is less if countries differ in at least one aspect,such as size(se

35、e figure below).ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE3.The gains from trade ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE4.Dynamic economies of scaleECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEl With accumulating the output,unit costs will decrease as a result.l Dynamic EOS i

36、s frequently viewed as the process of capability accumulation and improvements in the skills which results from experience,referred as learning by doing ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADELearning curveECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE5.SummaryECONOMIES OF SCALE,IMPER

37、FECT COMPETITION AND TRADEIII.Imperfect Competition and the Pro-Competitive Gains from trade1.Autarky equilibrium with a monopolyIn the left Figure,relative price does not reflect opportunity cost.At equilibrium point E,the slope of relative price line is large than the slope of the PPF(=MRT).ECONOM

38、IES OF SCALE,IMPERFECT COMPETITION AND TRADE2.The pro-competitive effectProfit effectEOS effectECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEIV.Oligopoly and Intra-Industry Trade in Homogenous Goods:The Reciprocal Dumping Model1.The Cournot duopoly modelECONOMIES OF SCALE,IMPERFECT COMPETITION A

39、ND TRADEFirm 1s reaction curveFirm 2s reaction curve2.The trading equilibriumECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEHomeForeignECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE3.The gains from tradeECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEECONOMIES OF SCALE,IMPERFECT COMPETITION

40、 AND TRADEV.Monopolistic Competition and Intra-Industry Trade:The Helpman-Krugman Model1.Production differentiation and monopolistic competitionlLove of variety(the right Figure)lThe most-preferred varietyECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEThree Assumptions:a)Each firm produces only o

41、ne variety differentiated from the one that other firm produces in the same industry.b)There many firms in the industry.c)Firms use the same production technology subject to the increasing return to scale.ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEDemand facing a firmMRMCAC(a)Short-run equili

42、brium(b)long-run equilibriumA2.The firm in monopolistic competition ECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADEMRMCAC(a)short-run equilibrium with trade(b)long-run equilibrium with tradeECONOMIES OF SCALE,IMPERFECT COMPETITION AND TRADE3.Market size,the number and size of firms ECONOMIES OF S

43、CALE,IMPERFECT COMPETITION AND TRADE4.Gains from trade l Consumers gain from the drop in price,which is the result of decreasing average cost.lThere are more product varieties available to consumers,increasing consumers utility.CHAPTER 6 TRADE POLICY AND DOMESTIC DISTORTIONS When the domestic factor

44、 and good markets are working under fully competitive conditions,then in general free trade is the best and the use of trade policy will reduce welfare(the only exception is the use of optimal tariff when country is large).In contrast,the existence of domestic distortion means free trade may reduce

45、welfare,the government intervention can increase welfare,but the use of a trade policy instrument is never optimal and is therefore the second-best policy.TRADE POLICY AND DOMESTIC DISTORTIONSI.Introduction The existence of domestic distortions raise three questions:a)Does free trade necessarily lea

46、d to an increase in welfare compared to the autarky state?b)Could intervention increase the level of welfare?c)Is the use of trade policy the best way in which the government could intervene?The answers:a)Nob)Yesc)No TRADE POLICY AND DOMESTIC DISTORTIONSII.Domestic Distortions in Commodity Marketsl

47、Assume that there exists a sector with a negative production externality,imposing costs on the rest of the economy for which it does not pay,for example,pollution.lThen relative prices in the domestic market will not reflect the true(social)marginal cost of transformation in production.TRADE POLICY

48、AND DOMESTIC DISTORTIONSlThe tariff will lead to an improvement in the allocation of resources,because it will reduce the production of the sector with a negative externality(Q2)lThe first-best policy would be to tackle the externality problem directly,by imposing a tax on the pollution and followin

49、g free trade.TRADE POLICY AND DOMESTIC DISTORTIONSTRADE POLICY AND DOMESTIC DISTORTIONSIII.Domestic Distortions in Factory Marketsl In less-developed countries,there frequently exists some distortion in the factor markets.For example,in a dual-economy,there is a wage differential between manufacturi

50、ng and agriculture.lThe wage-differential leads to distort the economys production possibility curve inwards.lThe wage-differential also cause the relative commodity price to differ from the opportunity cost of manufactured production.TRADE POLICY AND DOMESTIC DISTORTIONSTRADE POLICY AND DOMESTIC DI