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| Author: | Rauch, J. E. Casella, A. |
| Title: | Overcoming informational barriers to international resource allocation: prices and ties |
| Journal: | Economic Journal
2003 : JAN, VOL. 113:484, p. 21-42 |
| Index terms: | International trade Resource allocation Resource management Information technology Bargaining Collective bargaining Negotiation |
| Language: | eng |
| Abstract: | When the difference between country factor-endowment ratios is large relative to network ties, efficient arbitrage breaks down, the price of each country's immobile resource becomes partially insulated from changes in foreign supply, and trade liberalisation causes less resource price convergence. The model is applied to the trade and wages debate, to whether ties reduce world welfare through trade diversion, |
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