Papers on the role of natural resources in international trade

Edward Osei

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: In this work we present three papers that consider the economic implications of international trade in goods when exhaustible natural resources are used as inputs in the production process. In the first paper we investigate the possibility of violation of the static trade theorems when natural resource intensities in two goods are different. In this and the second paper we build on the generalized H-O framework of Kemp and Long (1984). The second paper analyzes the dynamic implications of incorporating natural resources into trade models. Issues relating to production and trade patterns and natural resource extraction rates are investigated under alternative assumptions of factor intensities and natural resource extraction technologies;The third paper of this work considers natural resource extraction and trade issues as they apply directly to developing countries. In this paper developing country debt burden, default risk, creditor response and capital investment are some of the issues considered. The role of the world interest rate and the discount factor is also analyzed. Various useful propositions are derived some of which relate the conservation of the natural resource to the rate of interest, whether or not the debtor nation defaults and the uncertainty in income.

Date: 1994-01-01
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