By Elhanan Helpman, Assaf Razin

    * Publisher:   Academic Press
    * Number Of Pages:   197
    * Publication Date:   1979-03
    * ISBN-10 / ASIN:   0123396506
    * ISBN-13 / EAN:   9780123396501

较早的扫描版，质量不佳

The literature on international trade has dealt separately with
international trade in goods and international financial capital flows,
i.e.  international trade in securities. These channels of international
trade are interrelated, and there are many problems with which one
cannot deal in a satisfactory way without explicit recognition of the
interactions between them. The authors develop an integrated general
equilibrium framework for the analysis of international trade in
goods and securities. This framework recognizes the dependence of
markets for goods on financial markets and vice versa. The usefulness
of this approach is demonstrated throughout the book by means
of applications to questions such as the effects of international trade
on resource allocation, tariff policy, and intervention in financial
capital markets. The authors derive new results which are important for
theoretical as well as policy oriented applications. This study draws mainly on two branches of economics: the
theory of international trade and the theory of financial markets. The
book is self-contained in that the authors provide in its early parts appropriate
background on relevant material from these fields. It is
primarily directed to economists who are interested in international
trade or international finance, including graduate students, who
specialize in these fields. In the present study the authors develop a theory of international trade in
goods and securities in the presence of uncertainty. Their approach
makes use of recent developments in the theory of financial markets,
which are integrated in a systematic way into the theory of international
trade. This approach proves to be fruitful, as the authors demonstrate by
analyzing a series of problems which are intimately related to the
interaction between trade in goods and trade in securities, and problems
which are related to the impact of trade in securities on the domestic
allocation of factors of production.
Thus, they demonstrate in Chapter 7 that many of the fundamental
theorems of the theory of international trade carry-over to uncertain
environments in the presence of international trade in equities, but that
they do not carry over in the absence of international trade in equities.
In Chapter 8 they show that in the absence of international trade in
equities a tariff may provide protection to the exporting industry of a
small country, but that this paradoxical possibility does not arise in
the presence of international trade in equities. These two examples
demonstrate the importance of international trade in securities in the
presence of uncertainty...
The authors have made a special effort to present their results in a way which
will make them accessible to a wide audience. They make heavy use of
diagrams in order to clarify the arguments, and wherever possible they
use well-known diagrams from the deterministic trade literature, while
examples are used to demonstrate new results. No heavy mathematics
are used; the reader is required to know no more than calculus. It is,
however, assumed that the reader knows some theory of production
and the theory of consumer behavior. Hence, the book is accessible to
graduate students who had a course in microeconomic theory.
In order to make this volume self-contained, the authors survey in Chapter 2
relevant elements from the theory of international trade, and in Chapter
3 relevant elements from the theory of decision making under
uncertainty. Readers who are familiar with these subjects may begin
with Chapter 4 which provides a critical survey of the literature of
international trade under uncertainty antedating the authors own work. Then ,
in Chapter 5, they develop their basic model in a general equilibrium
framework. There they also describe the behavior of firms and consumers
- investors in an economy with stock markets. The basic model
is presented by means of diagrams in Chapter 6. These diagrams are
then used throughout the rest of the book. The fundamental theorems
of international trade theory are reformulated in Chapter 7. Problems
of commercial policy are discussed in Chapter 8, while gains from
trade in goods and securities are discussed in Chapter 9. In Chapter 10
they discuss issues of intervention in financial capital markets, and
conclude with a dynamic extension of the basic model in Chapter 11.