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Why Prices Matter: Terms-of-Trade, S...

Duvall-Pelham, Alexander.

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Why Prices Matter: Terms-of-Trade, Structural Change, and Development.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Why Prices Matter: Terms-of-Trade, Structural Change, and Development./
作者:	Duvall-Pelham, Alexander.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
面頁冊數:	88 p.
附註:	Source: Dissertation Abstracts International, Volume: 80-05(E), Section: A.
Contained By:	Dissertation Abstracts International80-05A(E).
標題:	Economic theory. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10840210
ISBN:	9780438788381

Why Prices Matter: Terms-of-Trade, Structural Change, and Development.
Duvall-Pelham, Alexander.

Why Prices Matter: Terms-of-Trade, Structural Change, and Development. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 88 p.

Source: Dissertation Abstracts International, Volume: 80-05(E), Section: A.

Thesis (Ph.D.)--Colorado State University, 2018.

This collection of essays identify a method of incorporating measures of competitive advantage into the Balance of Payments Constrained Growth model. By doing so it is possible to identify the role of price competitiveness in open-economy growth and implications for development policy targeted at structural change are addressed. The three papers build upon each other to highlight the role of price competitiveness in trade for developing countries and how this has evolved over the last half century. Driven by findings that relative prices matter for long run growth more than has been commonly recognized in the balance of payments constrained growth literature, this project presents a methodological contribution for theoretical and empirical investigations of trade led growth and open economy development policy. A new measure of relative prices is presented to measure competitive advantage, and in doing so a discussion regarding development policy is facilitated empirically and narratively.

ISBN: 9780438788381Subjects--Topical Terms:

1556984
Economic theory.

Why Prices Matter: Terms-of-Trade, Structural Change, and Development.
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245 1 0 $a Why Prices Matter: Terms-of-Trade, Structural Change, and Development.
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300 $a 88 p.
500 $a Source: Dissertation Abstracts International, Volume: 80-05(E), Section: A.
500 $a Advisers: Daniele Tavani; Ramaa Vasudevan.
502 $a Thesis (Ph.D.)--Colorado State University, 2018.
520 $a This collection of essays identify a method of incorporating measures of competitive advantage into the Balance of Payments Constrained Growth model. By doing so it is possible to identify the role of price competitiveness in open-economy growth and implications for development policy targeted at structural change are addressed. The three papers build upon each other to highlight the role of price competitiveness in trade for developing countries and how this has evolved over the last half century. Driven by findings that relative prices matter for long run growth more than has been commonly recognized in the balance of payments constrained growth literature, this project presents a methodological contribution for theoretical and empirical investigations of trade led growth and open economy development policy. A new measure of relative prices is presented to measure competitive advantage, and in doing so a discussion regarding development policy is facilitated empirically and narratively.
520 $a A novel measure of relative trade prices is devised so as to more accurately measure the foreign prices exporters are competing against. This alternative to terms-of-trade and the real exchange rate compares the relative prices of exports based on the composition of a country's export sector. Similarly, a sectorally weighted price of imports is used relative to the price of domestic goods. The purpose of using these alternative measures is to empirically identify competitive advantage and present a superior method of showing the competing prices that determine demand in the global market. Identifying a way to better capture the role of prices as a determinant of export and import demand is important for informing development policy generally targeting export led growth. The optimal policy strategies for emerging open economy countries can be informed by understanding when price competitiveness in trade matters, which industries to pursue, and how to benefit from global income and demand growth.
520 $a The first paper is concerned with the relative price measures used in the balance of payments constrained growth framework. Tests of the balance of payments constrained growth model typically focus on income elasticities of demand in the traded sector. The role of price-competitiveness is treated as negligible and often neglected. This paper presents alternative specifications for the terms-of-trade in conventional Keynesian constant elasticity import and export demand equations.
520 $a Paper 2 builds on the findings of the first by estimating the price and income elasticities of demand for traded goods by sector, income level, and periods. The goal is to highlight where competitiveness is vital for export volume growth, whom is most impacted, and how this has evolved in the last half century. These findings could indicate what export sectors to target while moving up the value added ladder and explain why some countries have experienced deteriorating terms-of-trade leading to vulnerability to balance of payments crises and failure to grow through trade. Investigating these determinants by sector is important because developing countries may be limited in what they can produce for export and domestic consumption -- what you export matters. By identifying which sectors price competitiveness is most important for it may be possible to suggest policies to move up the value added ladder based on industrial upgrading targeted at particular industries.
520 $a The final paper presents an updated case study comparing the experiences of East Asian and Latin American development in the latter half of the 20th century utilizing the findings from the first two papers. Up until the early 1980s both groups of countries appeared to be on similar growth trajectories, however, Latin America stagnated and has since failed to catch up. Using the empirical anlysis from the preceding papers, the East Asian development strategy is analyzed to show that a complimentary combination of demand and supply side policies implemented by the highly interventionist states effectively harnessed an optimal combination of industrial upgrading -- targeted at both import substitution and export oriented growth. Compared to East Asia, it is shown that the Latin American group failed to coordinate complimentary policies that both improved productivity and harnessed global demand growth.
520 $a Collectively, this group of essays address the role of state policy for developing countries as well as the constraints faced by small open economies pursuing export led growth. Looking at individual development experiences and analyzing the effects of structural change in the global economy provides insight to what policy options are available to developing countries while providing potential explanations for why some countries have failed. This paper contributes to the literature by providing new insight into how to investigate the role of competitive advantage in trade in a demand led frame work which also has implications for supply side growth policies. (Abstract shortened by ProQuest.).
590 $a School code: 0053.
650 4 $a Economic theory. $3 1556984
650 4 $a Economics. $3 517137
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710 2 $a Colorado State University. $b Economics. $3 1677537
773 0 $t Dissertation Abstracts International $g 80-05A(E).
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