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    Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region

    131730_13660_CRAE WP 200908 Bloch Terms of Trade Movements.pdf (204.1Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Sapsford, D.
    Date
    2009
    Type
    Working Paper
    
    Metadata
    Show full item record
    Citation
    Bloch, Harry and Sapsford, David. 2009. Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region, Centre for Research in Applied Economics Working Paper Series: no. 200908, Curtin University of Technology, School of Economics and Finance.
    Faculty
    Curtin Business School
    The Centre of Research in Applied Economics (CRAE)
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/15924
    Collection
    • Curtin Research Publications
    Abstract

    Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade of individual countries and in the relative prices of goods within those countries. Asia-Pacific countries are particularly affected by the changes in relative prices as they have been at the core of the increasing globalisation of production and distribution systems. An analysis of the causes and effects of the relative price changes is developed based on applying the analysis of business cycles developed by Joseph Schumpeter. Schumpeter's analysis emphasises innovation and structural change, particularly creative destruction, which impart uneven development on the economy and can foster financial crises. By applying Schumpeter's analysis the current crisis is put in the context of long-wave development of the capitalist system, which leads to predictions about the likely path of price and output changes over the medium term of the next decade or two.

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