Structural changes and international trade: the natural exchange rate

Flávio de Oliveira Gonçalves () and Joanilio Rodolpho Teixeira

CEPREMAP Working Papers (Couverture Orange) from CEPREMAP

Abstract: This paper re-examines Pasinetti's vertically integrated, multi-sector and pure labor economic system for the case of integrating a developing country into the world economy. A formal treatment of full employment and equilibrium in the trade balance are both analysed. Structural change is considered to establish the conditions and under which there are gains (in income and learning) from international trade. Pasinetti's natural system is extended by finding the "natural" exchange rate, that is: the one proportional to relative labor productivity.

JEL-codes: E12 F02 O11 (search for similar items in EconPapers)
Date: 2002

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Persistent link: http://EconPapers.repec.org/RePEc:cpm:cepmap:0212

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