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"Mundell and Markusen each wrote classic papers on the relationship between trade and factor movement. Mundell showed that substitution holds in the Heckscher-Ohlin model. Markusen challenged the substitution result and showed in five different models that removing barriers to factor movement results in complementarity under free trade, identical factor endowments, and a change in any one of the other assumptions underlying the Heckscher-Ohlin model. The author generalizes Markusen's analysis by considering the liberalization of barriers to factor movement under any non-negative level of protection, and liberalizing trade barriers under factor mobility. He shows that (1) substitution holds at high protection levels, (2) complementarity holds at low protection levels, and (3) either substitution or complementarity hold under large tariff changes. "--World Bank web site.
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Substitution in Markusen's classic trade and factor movement complementarity models
2006, World Bank
Electronic resource
in English
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Book Details
Edition Notes
Title from PDF file as viewed on 8/21/2006.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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- Created November 24, 2009
- 4 revisions
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December 17, 2020 | Edited by MARC Bot | import existing book |
February 9, 2019 | Edited by MARC Bot | import existing book |
August 4, 2012 | Edited by VacuumBot | Updated format '[electronic resource] /' to 'Electronic resource' |
November 24, 2009 | Created by ImportBot | Imported from Library of Congress MARC record. |