Indeterminacy in the free-trade world

Junko Doi, Kazumichi Iwasa and Koji Shimomura
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Junko Doi: Kansai University (Japan) and Kyoto Sangyo University (Japan)

No 187, Discussion Paper Series from Research Institute for Economics & Business Administration, Kobe University

Abstract: We show that indeterminacy arises nadiscrete-time competitive two-country dynamic model of international trade in which externalities, imperfect competition, public goods, and government intervention are assumed away. The present model is a standard dynamic trade model in the sense that there is neither an international credit market nor international factor mobility, and these intrinsic features are a source of indeterminacy. Indeterminacy is implied by the condition for the existence of a steady state.

Pages: 24 pages
Date: 2006-05
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:kob:dpaper:187

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