International Trade and Economic Dynamics: Essays in Memory of Koji Shimomura PDF
Preview International Trade and Economic Dynamics: Essays in Memory of Koji Shimomura
K Takashi Kamihigashi a m Laixun Zhao i h i g a Editors s h i · Z h a o ( E d s . ) 1 aI n n t de International Trade Er n c oa nt i oo and mn Economic Dynamics a i cl T D r ya nd ae m i c s EEssssaayyss iinn MMeemmoorryy ooff KKoojjii SShhiimmoommuurraa 1 23 International Trade and Economic Dynamics Koji Shimomura April 12, 1952 – February 24, 2007 Photograph by Kwan Choi Midwest International Economics Meeting Indiana University, Bloomington, USA, October 2003 · Takashi K amihigashi Laixun Z hao Editors International Trade and Economic Dynamics Essays in Memory of K oji Shimomura Editors Professor Takashi K amihigashi Professor Laixun Z hao RIEB, K obe University 2-1 Rokkodai, Nada K obe 657-8501 Japan [email protected] [email protected] ISBN 978-3-540-78675-7 e-ISBN 978-3-540-78676-4 Library of Congress Control Number: 2008929904 © 2009 Springer-Verlag Berlin Heidelberg This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, b roadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permissions for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover photo by Hidetoshi Y amaji Cover design: WMXDesign GmbH, Heidelberg, Germany Printed on acid-free paper 5 4 3 2 1 0 springer.com Acknowledgements On24February2007,KojiShimomuradiedofcomplicationsfromlivercancerat the age of54. Hisuntimelydeath wasmournedby hisstudents,colleagues,coau- thors, and friends all over the world. As of December 2007, he published nearly 100academicpapers,withagreatmajorityofthemhavingappearedduringthelast decade.Duringthisperiod,hebecameincreasinglyproductivedespitehisdeterio- ratinghealthcondition.Manynewchaptersofhiswithcoauthorsarestillexpected toappear.Thisvolumeincludesthreesuchchapters. We express heartfelt thanks to Kazuo Nishimura, Makoto Yano, and Seiichi Katayamafortheirencouragementandadviceduringtheinitialphaseofthisproject. Wethankthefinancialsupportfromthe21CenturyCOEProgramattheGraduate SchoolofEconomicsandtheResearchInstituteofEconomicsandBusinessAdmin- istration(RIEB),KobeUniversity.WethankShojiNishijima,SubleaderoftheCOE ProgramattheRIEBsucceedingKoji,JunichiGoto,DirectoroftheRIEB,aswellas ourstaffattheRIEB,includingYachioYoneda,KiyokoSekiguchi,ShihoMagata, TamakiMurase,andHarumiWatanabe,fortheirinvaluablesupportandassistance throughoutthisproject. Many of the contributorsalso participated in the Conference on Globalization, InternationalTrade,andEconomicDynamicsinMemoryofKojiShimomura,held in November 2007, and organized by the editors of this volume. Earlier versions of some of the chapters included in this volume were presented at the confer- ence.Weexpressoursinceregratitudetoallthecontributorsfortheirwholehearted cooperation. Lastlybutnotleast,wearegratefultoWernerA.MuellerandKatharinaWetzel- Vandai of Springer for their editorial support, without which this project would neverhavematerialized. February2008 TakashiKamihigashi LaixunZhao v Contents Introduction.................................................... 1 TakashiKamihigashiandLaixunZhao KojiShimomura:EmergingTradeTheorist ......................... 5 MurrayC.Kemp PartI StaticTheoryofInternationalTradeUnderPerfectCompetition Rybczynski’sDiagramandtheStolper/SamuelsonTheorem ........... 9 RonaldW.Jones OnTradeGainsandInternationalDisparitiesinFactorProportions .... 13 MurrayC.KempandBinhTran-Nam A Modified Heckscher–OhlinTheorem Under Quasilinear Utility Functions ...................................................... 19 JunkoDoi,KenjiFujiwara,ToruKikuchi,andKojiShimomura ExternalEconomiesofScaleandComparativeAdvantage ............. 37 WilfredJ.EthierandRoyJ.Ruffin IsFreeTradeOptimalforaSmallOpenEconomywithTourism?....... 49 Chi-ChurChao,BharatR.Hazari,Jean-PierreLaffargue,andEdenS.H.Yu FactorMobilityandWageInequality............................... 63 MasaoOdaandRobertStapp A Pareto Improvement in Customs Unions Without Intra-Union Transfer ....................................................... 73 LingQiandKojiShimomura EnvironmentandtheHarrisandTodaroParadoxes .................. 87 MakotoTawadaandAzusaNakamura vii viii Contents TradePolicyandIllegalImmigration............................... 101 AlanWoodlandandChisataYoshida PartII StaticTheoryofInternationalTradeUnderImperfectCompetition TradeinCounterfeitOrganicProducts ............................. 123 E.KwanChoi ForeignEconomic Aid and Trade LiberalizationUnder Imperfect Competition.................................................... 139 HiroshiKurataandMasayukiOkawa QuotaasaCompetitiveDevice .................................... 151 SugataMarjit,TarunKabiraj,andArijitMukherjee SuccessiveExpansionandStabilityofNetworkIntegration inInternationalTrade ........................................... 161 NoritsuguNakanishi Endogenous Leadership with and without Policy Intervention: InternationalTradeWhenProducerandSellerDiffer................. 187 ZhifangPengandSajalLahiri TradingUnderStrategicSelf-Constraint:ConceptualIssues andFactualEvidence ............................................ 203 HenryWan,Jr. PartIII DynamicTheoryofInternationalTrade DynamicLaborStandardsUnderInternationalOligopoly ............. 217 YunfangHuandLaixunZhao QuotasUnderDynamicBertrandCompetition....................... 239 KazMiyagiwaandYukaOhno ImportedInputs:DynamicEffectsonEconomicGrowth .............. 257 StefanF.SchubertandStephenJ.Turnovsky MultiplicityandStabilityofEquilibriuminTradeModels withDurableGoods ............................................. 281 EricBondandRobertDriskill ImportTariffsandGrowthinaModelwithHabits ................... 299 Been-LonChen,Shun-FaLee,andKojiShimomura PreferenceStructureandVolatilityinaFinanciallyIntegratedWorld ... 323 KazuoMino Contents ix PartIV MacroeconomicDynamics EfficientFiscalPolicyRestrictionsinaMonetaryUnion ............... 345 CostasAzariadisandRaphaelW.K.Lam TheEffectsofFactorTaxationinDynamicEconomieswithExternalities andEndogenousLaborSupply .................................... 361 DaisukeAmano,Jun-ichiItaya,andKazuoMino StatusSeekingandBubbles ....................................... 383 TakashiKamihigashi OntheRoleoftheRateofTimePreferenceinMacroeconomics: ASurvey....................................................... 393 KoichiHamadaandYosukeTakeda CharacterizationofEquilibriumPathsinaTwo-SectorEconomy withCESProductionFunctionsandSector-SpecificExternality ........ 421 MikiMatsuo,KazuoNishimura,TomoyaSakagami,andAlainVenditti Tobin’s“KeynesianModelsofRecessionsandDepression”Revisited .... 433 ParthaSen InflationDynamicsandtheCross-SectionalDistributionofPrices intheE.U.Periphery ............................................ 449 ConstantinaKottaridi,DiegoMe´ndez-Carbajo,andDimitriosD.Thomakos MacroDynamicsandLabor-SavingInnovation:USvs.Japan .......... 477 RyuzoSatoandTamakiMorita PartV Compensation,Entrepreneurship,andPriceLeadership Entrepreneurship,OrganizationCapital,andtheEvolutionoftheFirm.. 499 AtsushiOshima,B.Ravikumar,andRaymondRiezman OnYano’sPriceLeadershipGame................................. 513 MakotoYanoandTakashiKomatsubara VilfredoPareto’sPrincipleofCompensation......................... 525 MurrayC.Kemp Contributors DaisukeAmano GraduateSchoolofEconomicsandBusinessAdministration,HokkaidoUniversity, Sapporo,060-0809,Japan,e-mail:[email protected] CostasAzariadis DepartmentofEconomics,WashingtonUniversityinSt.Louis,andFederalReserve BankofSt.Louis,St.Louis,MO63130,USA,e-mail:[email protected] EricBond DepartmentofEconomics,VanderbiltUniversity,VUStationB#351819,2301 Vanderbilt Place, Nashville, Tennessee 37235, USA, e-mail:[email protected] Chi-ChurChao DepartmentofEconomics,ChineseUniversityofHongKong,Shatin,HongKong, China Been-LonChen InstituteofEconomics,AcademiaSinica,128AcademiaRd.,Section2,Taipei 11529,Taiwan,e-mail:[email protected], WashingtonUniversity,205EliotHall,St.Louis,MO63130,USA E.KwanChoi Department of Economics, Iowa State University, Ames, IA 50011, USA, e-mail:[email protected] JunkoDoi FacultyofEconomics,KansaiUniversity,Suita,Osaka,Japan RobertDriskill Department of Economics, Vanderbilt University, VU Station B #351819, 2301 Vanderbilt Place, Nashville, Tennessee 37235, USA, e-mail:[email protected] xi
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