| Publisher | University of Chicago | ||
|---|---|---|---|
| Format | 134.4KB PDF, requires Acrobat Rdr 5 | Date added | 01 Jul 2000 |
| Topics | Human Capital Management | ||
| Downloads | 46 | ||
This paper examines a dynamic, Ricardian model of a small, open economy in which trade growth occurs endogenously as the trade capital stock rises. Trade capital grows as firms devote resources to investment in knowledge or relationships which reduces future trade costs. Because of diminishing returns to the impact of trade capital on trade costs, the steady state trade capital stock is constant. The steady state stock is an increasing function of the productivity of investment in trade capital and in a country's distance to the international market and is a decreasing function of its tariff rate.
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