A Test of the Factor Endowments Model of Trade in a Rapidly Industrializing Country: The Case of Korea

Reza M Ramazani and Keith Maskus

The Review of Economics and Statistics, 1993, vol. 75, issue 3, 568-72

Abstract: The authors perform a fully specified test of the Heckscher-Ohlin-Vanek (HOV) multifactor content theorem of international trade in the context of a rapidly industrializing economy, the Republic of Korea, in 1970 and 1980. The test involves a comparison of independent measures of relative factor endowments with endowment rankings revealed by Korea's international trade and total factor intensities. Interest arises in this effort because Korea's industrialization presents a new set of circumstances in which to test the Heckscher-Ohlin-Vanek theorem. The results strongly suggest that the revealed factor endowments departed significantly from actual factor supplies. The authors discuss potential reasons for this divergence. Copyright 1993 by MIT Press.

Date: 1993
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