A Model of Trade in Exhaustible Resources

Slobodan Djajic

International Economic Review, 1988, vol. 29, issue 1, 87-103

Abstract: This paper develops a two-period, two-country model of trade in exhaustible resources. It investigates the role of intertemporal consumption substitution in determining whether international asymmet ries in terms of relative resource endowments or rates of time prefer ence have a greater influence on the pattern of trade. Other factors which may affect the direction of trade are also considered. Finally, the paper studies the effects of temporary and permanent changes in government spending and of a resource discovery on the world rate of interest and the relative price of the resource in terms of consumpti on goods. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Date: 1988
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