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Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva
Trade Liberalisation And Human Capital Adjustment, Rodney E. Falvey, David Greenaway, Joana Silva
Rodney Falvey
This paper highlights the way in which workers of different age and ability are affected by anticipated and unanticipated trade liberalisations. A two-factor (skilled and unskilled labour), two-sector Heckscher-Ohlin trade model is supplemented with a education sector which uses skilled labour and time to convert unskilled workers into skilled workers. A skilled worker's income depends on her ability, but all unskilled workers have the same income. Trade liberalisation in a relatively skilled labour abundant country increases the relative skilled wage and induces skill upgrading by the existing workforce. The younger and more able unskilled workers are most likely to upgrade. …
Financial Constraints, The Distribution Of Wealth And International Trade, Emmanuel Amissah, Spiros Bougheas, Rodney Falvey
Financial Constraints, The Distribution Of Wealth And International Trade, Emmanuel Amissah, Spiros Bougheas, Rodney Falvey
Rodney Falvey
Extract:
As the Heckscher-Ohlin-Mundell paradigm predicts, in a world where capital markets are perfect and production exhibits constant-returns to scale, while aggregate wealth endowments can be an important source of comparative advantage, their internal distribution does not matter for the patterns of international trade. This is because in the absence of financial frictions the only factor that determines the availability of external finance is a project's net present value. In real life financial markets are far from perfect. Informational asymmetries between lenders and borrowers, corporate governance quality shortcomings and non-negligible intermediation costs are only a sample of the types of …
The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian
The Impact Of The Asian Economic Crisis In Thailand, Craig C. Julian
Dr Craig C Julian
Traces the economic development of Thailand since 1945, referring to relevant research, and analyses the reasons why it was the first Southeast Asian country to collapse in the 1997 economic crisis: large current account deficits, excessive external debt, a collapse in the property sector, exchange rate mismanagement and political instability. Considers its future prospects and shows statistics on economic growth and inflation for the world as a whole and various countries and groups within it.