International Trade and Finance: Essays in Honour of Jan Tinbergen PDF
Preview International Trade and Finance: Essays in Honour of Jan Tinbergen
International Trade and Finance Publisher's Note Two further volumes of ESSAYS IN HONOUR OF JAN TINBERGEN, also edited by Willy Sellekaerts, are published simultaneously: ECONOMIC DEVELOPMENT AND PLANNING and ECONOMETRICS AND ECONOMIC THEORY. Jan Tinbergen International Trade and Finance Essays in Honour of Jan Tinbergen Edited by Willy Sellekaerts Palgrave Macmillan © Editorial matter and selection, Willy Sellekaerts 1973 © Introduction, Swedish Journal of Economics 1969 © Chapter 1, Richard E. Caves 1973 © Chapter 2, Randall Hinshaw 1973 © Chapter 3, Peter B. Kenen 1973 © Chapter 4, C. P. Kindleberger 1973 © Chapter 5, Anthony Y. C. Koo 1973 © Chapter 6, Mordechai E. Kreinin and H. Robert Heller 1973 © Chapter 7, Anne O. Krueger 1973 © Chapter 8, Jay H. Levin © Chapter 9, Raymond F. Mikesel11973 © Chapter 10, Paul A. Samuelson 1973 © Chapter 11, Erik Thorbecke and Alfred J. Field, Jr., 1973 © Chapter 12, Jaraslav Vanek and Trent J. Bertrand 1973 Softcover reprint of the hardcover 1st edition 1973 978-0-333-12852-7 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission. First published 1974 by THE MACMILLAN PRESS LTD London and Basingstoke Associated companies in New York Dublin Melbourne Johannesburg and Madras SBN 333 12852 4 ISBN 978-1-349-01271-8 ISBN 978-1-349-01269-5 (eBook) DOI10.1007/978-1-349-01269-5 Contents Preface vii Introduction Bent Hansen 1 1 The Economics of Reciprocity: Theory and Evidence on Bilateral Trading Arrangements Richard E. Caves 17 2 Elasticity Pessimism, Absorption, and Flexible Ex- change Rates Randall Hinshaw 55 3 Economic Policy in a Small Economy Peter B. Jrenen 73 4 Economic Integration via External Markets and Factors C. P. Kindleberger 103 5 Decreasing Marginal Cost and the Pattern of Trade Anthony Y. C. Jroo 117 6 Adjustment Costs, Optimal Currency Areas, and International Reserves M ordechai E. Jrreinin and H. Robert Heller 127 7 The Role of Home Goods and Money in Exchange Rate Adjustment Anne 0. Jrrueger 141 8 A Two-Country Model of the Gold Standard Jay H. Levin 163 9 Private Short-Term Capital Flows and the Eurodollar Market Raymond F. Mikesell 185 10 Equalisation of Factor Prices by Sufficiently Diver sified Production under Conditions of Balanced Demand Paul A. Samuelson 213 11 A Ten-Region Model of World Trade Erik Thor- becke and Alfred J. Field, Jr. 221 12 Effective Protection and Resource Allocation Jara- slav Vanek and Trent J. Bertrand 271 Bibliography of Jan Tinbergen Index 289 Preface In 1969 Ragnar Frisch and Jan Tinbergen were selected to share the first Nobel Prize in Economics. As former students of Professor Tinbergen my wife and I decided to honour him by compiling and editing a collection of previously unpublished articles, written by leading economists. In order to create a lasting monument to Jan Tinbergen we decided to use the royalties from the volume to create a scholarship fund from which outstanding Dutch students in economics will receive financial assistance during their first year of study in the North American university of their choice. Further details will later be arranged with the Netherlands School of Economics in Rotterdam. Several North American and European economists were invited to write a paper, preferably focusing on Tinbergen's pathbreaking work in international trade, economic develop ment and planning, econometrics and economic theory. Most invited economists readily accepted the invitation. I thank all the contributors for their continuous interest and spontaneous co-operation during the two years between the mailing of the invitations and the completion of the manuscript. Although a Nobel Prizewinner does not need to be introduced to the scholars of his discipline, I decided to include in this collection of essays a paper written by Bent Hansen, in which he not only skilfully appraises Professor Tinbergen's contributions to economics, but also pictures Tinbergen the man as a humani tarian idealist, a worthy candidate for the Nobel Peace Prize. I thank the Swedish Journal of Economics, and in particular Peter Bohm, for giving me permission to reprint Bent Hansen's paper. As an append~ to each of the three volumes of this Festschrift, a selected bibliography of Jan Tinbergen's contri butions to economics has been included. In addition to the contributors, many persons have helped to make the publication of this collection of essays in honour of Jan Tinbergen possible. I thank Professor Dole Anderson, Director of the Institute for International Business and Econ omic Development of Michigan State University, who supported viii Preface my idea and made the facilities of the Institute available to invite the contributors. The Faculty of Social Sciences of the University of Ottawa also contributed to the success of this volume. I thank Patrick Meany of The Macmillan Company of Canada for his assistance in the publication of the Festschrift. Above all, my wife, Brigitte made the publication of this Festschrift feasible, by providing invaluable technical and editorial assistance. WILLY SELLEKAERTS Ottawa, November 1971 Introduction JAN TINBERGEN An Appraisal of his Contributions to Economics* BY BENT HANSEN PROFESSOR Jan Tinbergen was born on 12 April 1903. He graduated from Leiden University where he also obtained his doctoral degree. From 1929 to 1945 he was, with certain interruptions, an official of the Netherlands' Central Bureau of Statistics. As from 1933 he has also been a professor of economics at the Netherlands School of Economics at Rotter dam. During the years 1936 to 1938 he served on the staff of the League of Nations at Geneva. At the end of World War II, in 1945, he was appointed Director of the newly created Central Planning Bureau of the Netherlands. He resigned from this position in 1955 and has since then - besides teaching and research - served as an adviser and consultant to numerous governments and international organisations. As from 1966 he is the Chairman of the United Nation's Committee for Develop ment Planning. A considerable number of universities have awarded him honorary degrees. The message that Professors Ragnar Frisch and Jan Tin bergen were selected to share the first Nobel Prize in Economics was received by the profession with great satisfaction. Few * Reprinted with the permission of the Swedish Journal of Economics. The original reference: Hansen, Bent, 'Jan Tinbergen: An Appraisal of his Contributions to Economics', Swedish Journal of Economics, LXXI (1969) 325-36.
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