Introduction

P. J. Lloyd and Hyun-Hoon Lee

Chapter 1 in Frontiers of Research in Intra-Industry Trade, 2002, pp 1-9 from Palgrave Macmillan

Abstract: Abstract When intra-industry trade was first observed in the 1960s by Verdoorn (1960), Balassa (1963, 1966) and Grubel (1967), it was a new and exciting way of examining patterns of goods trade. These authors made the revolutionary observation that there was specialization within industries and two-way international trade in the multiple outputs of industries. Grubel and Lloyd (1975) developed the most widely used index for the measurement of intra-industry trade. Using this measure, they found that the unweighted mean share of intra-industry trade in the total goods trade of ten major OECD countries in 1967 was 50 per cent. Grubel and Lloyd and others attempted to develop a theoretical basis for the existence of intra-industry trade in both homogeneous and differentiated products. However, the underlying concept of an industry was rarely examined, and theorizing was, in the main, partial equilibrium analysis.

Keywords: Bilateral Trade; General Equilibrium Model; Computable General Equilibrium Model; Industry Trade; Partial Equilibrium Analysis (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28598-9_1

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DOI: 10.1057/9780230285989_1

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