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This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.

Gross domestic product -- Econometric models. --- Income -- Econometric models. --- International trade -- Econometric models. --- United States

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Feenstra considers the consumer benefits from having access to new import varieties of differentiated products, and examines a recent method to estimate the elasticity of substitution (the extent of differentiation across products) and to use that information to construct the gains from import variety.

International trade --- Imports --- Exports --- Commercial products --- Econometric models. --- ECONOMICS/Trade & Development --- Commodities --- Economic goods --- Merchandise --- Products, Commercial --- Commodity exchanges --- Manufactures --- Substitute products --- Contracting out --- International trade - Econometric models --- Imports - Econometric models --- Exports - Econometric models --- Commercial products - Econometric models

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Renowned trade theorist Koji Shimomura passed away in February 2007 at the age of 54. He published nearly 100 articles in international academic journals. The loss of this extremely productive economist has been an enormous shock to the economic profession. This volume has emerged from the great desire on the part of the profession to honor his contributions to economic research. Contributors include authoritative figures in trade theory such as Murray Kemp, Ronald Jones, Henry Wan, and Wilfred Ethier, world-renowned macroeconomists such as Stephen Turnovski and Costas Azariadis, and leading Japanese economists such as Kazuo Nishimura, Makoto Yano, Ryuzo Sato, and Koichi Hamada. This broad range of contributors reflects Koji Shimomura’s many connections as well as the respect he earned in the economic profession. This volume offers the reader a rare opportunity to learn the views of so many renowned economists from different schools of thought. .

Economic history -- 21st century. --- Export marketing. --- Globalization. --- International finance. --- International trade -- Econometric models. --- International trade. --- Commerce --- Business & Economics --- International Commerce --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- International economics. --- Economics. --- International Economics. --- International economic relations --- Non-traded goods --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions

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How do borders affect trade? Are cultural and institutional differences important for trade? Is environmental policy relevant to trade? How does one's income or wage relate to the fact that trade partners are nearby or far away? These are just some of the important questions that can be answered using the gravity model of international trade. This model predicts and explains bilateral trade flows in terms of the economic size and distance between trading partners (e.g. states, regions, countries, trading blocs). In recent years, there has been a surge of interest in this model and it is now one of the most widely applied tools in applied international economics. This book traces the history of the gravity model and takes stock of recent methodological and theoretical advances, including new approximations for multilateral trade resistance, insightful analyses of the measurement of economic distance and analyses of foreign direct investment.

International trade --- Econometric models --- E-books --- International economic relations. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Econometric models. --- Business, Economy and Management --- Economics --- International trade - Econometric models --- 305.92 --- 382.0 --- AA / International- internationaal --- Econometrie van de internationale handel. Handelsbalans, betalingsbalans. Wissel --- Algemeenheden. Techniek en praktijk van de internationale handel. Internationale economische betrekkingen

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This paper develops a theory of international trade in which financial development and factor endowments jointly determine comparative advantage. We apply the financial contract model of Holmstrom and Tirole (1998) to the Heckscher-Ohlin-Samuelson (HOS) model in which firms' dependence on external finance is endogenous, and the demand for external finance is constrained by financial development. The theory nests HOS model as a special case. A key result that emerges is what we call the law of a wooden barrel: if the external finance constraint is binding, then further financial development will increase the output of the industry more dependent on external finance, and decrease the output of the other industry. It is shown that financial development makes both labor and unemployed capital better off, but incumbent capital worse off. Therefore, financial development depends on the relative strength of political forces among labor, unemployed capital owners, and incumbent capital owners. If only the capital constraint is binding, on the other hand, the standard HOS predictions will apply.

Capital -- Econometric models. --- Electronic books. -- local. --- Finance -- Econometric models. --- International trade -- Econometric models. --- Finance: General --- Macroeconomics --- Financial Markets and the Macroeconomy --- Labor Economics: General --- General Financial Markets: General (includes Measurement and Data) --- Portfolio Choice --- Investment Decisions --- Finance --- Labour --- income economics --- Financial sector development --- Labor --- Capital markets --- Liquidity --- Commodity markets --- Financial services industry --- Labor economics --- Capital market --- Economics --- Commodity exchanges --- Finland --- International trade --- Capital --- Econometric models. --- Income economics