Trade Patterns under Uncertainty with Country Specific Shocks

Elhanan Helpman

Econometrica, 1988, vol. 56, issue 3, 645-59

Abstract: The Helpman-Razin model of international trade under uncertainty is extended to allow for country-specific productivi ty shocks. It is shown that, for the multiple-sector multiple-factor case, there exists a set of interesting sufficient conditions under w hich it is possible to predict the pattern of international trade in securities, goods, and factor content on the basis of cross-country d ifferences in factor endowments. It is shown that, under these circum stances, some well-known empirical tests have to be modified. Copyright 1988 by The Econometric Society.

Date: 1988
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