The term “globalization” designates the rapidly advancing international economic integration through substantial growth in trade of goods and services as well as surging cross-border factor mobility from the early 1...The term “globalization” designates the rapidly advancing international economic integration through substantial growth in trade of goods and services as well as surging cross-border factor mobility from the early 1990s onwards. This acceleration in the liberalization of world trade and capital movements is largely attributable to technological progress which significantly curtailed the expenses for transport as well as communication. In conjunction with the progressing opening of major newly industrializing economies endowed with abundant and cheap labor forces, it has reinforced a geographical fragmentation of production processes according to cost considerations. This phenomenon termed as “vertical specialization”, “outsourcing” or also “slicing the value chain” in turn has translated into a hike in FDI and international trade of intermediate products. The main objective of this paper is to identify adequate trade models for assessing the corresponding effects of those developments. In this context, textbook trade theories spanning from comparative advantage à la Ricardo to the new-new trade theory are examined. Subsequently, we expand on globalization-induced new forms of trade （intra-firm trade, trade within the value chain） and finally conclude with our findings to properly account for those trends.展开更多
The current China–US trade war that started in early 2018 has been the largest of this kind in the global market in the past half century,if not longer.Many speculations about the reasons for and progress and potenti...The current China–US trade war that started in early 2018 has been the largest of this kind in the global market in the past half century,if not longer.Many speculations about the reasons for and progress and potential implications of the trade war emerge.Countries must understand the reasons for the war to avoid future trade wars.Predicting what will happen in the near future and the related economic consequences are even more important for people(including businessmen and government policymakers)to prepare for them and make corresponding decisions.However,endeavouring to predict is a tough job.This paper tries to provide an unbiased analysis through the lens of the trade literature.That is,we want to ask how much we can understand the current trade war on the basis of the accumulated knowledge we can obtain from our profession.Related theories include imperfect competition,increasing returns,terms of trade argument,distributional effects and political economy argument.展开更多
文摘The term “globalization” designates the rapidly advancing international economic integration through substantial growth in trade of goods and services as well as surging cross-border factor mobility from the early 1990s onwards. This acceleration in the liberalization of world trade and capital movements is largely attributable to technological progress which significantly curtailed the expenses for transport as well as communication. In conjunction with the progressing opening of major newly industrializing economies endowed with abundant and cheap labor forces, it has reinforced a geographical fragmentation of production processes according to cost considerations. This phenomenon termed as “vertical specialization”, “outsourcing” or also “slicing the value chain” in turn has translated into a hike in FDI and international trade of intermediate products. The main objective of this paper is to identify adequate trade models for assessing the corresponding effects of those developments. In this context, textbook trade theories spanning from comparative advantage à la Ricardo to the new-new trade theory are examined. Subsequently, we expand on globalization-induced new forms of trade （intra-firm trade, trade within the value chain） and finally conclude with our findings to properly account for those trends.
文摘The current China–US trade war that started in early 2018 has been the largest of this kind in the global market in the past half century,if not longer.Many speculations about the reasons for and progress and potential implications of the trade war emerge.Countries must understand the reasons for the war to avoid future trade wars.Predicting what will happen in the near future and the related economic consequences are even more important for people(including businessmen and government policymakers)to prepare for them and make corresponding decisions.However,endeavouring to predict is a tough job.This paper tries to provide an unbiased analysis through the lens of the trade literature.That is,we want to ask how much we can understand the current trade war on the basis of the accumulated knowledge we can obtain from our profession.Related theories include imperfect competition,increasing returns,terms of trade argument,distributional effects and political economy argument.
