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    Whither the terms of trade? an elaboration of the Prebisch-Singer hypothesis

    Access Status
    Fulltext not available
    Authors
    Bloch, Harry
    Sapsford, D.
    Date
    2000
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Bloch, Harry and Sapsford, David. 2000. Whither the terms of trade? an elaboration of the Prebisch-Singer hypothesis. Cambridge Journal of Economics. 24 (4): pp. 461-481.
    Source Title
    Cambridge Journal of Economics
    DOI
    10.1093/cje/24.4.461
    ISSN
    0309166X
    Faculty
    Curtin Business School
    School of Economics and Finance
    Remarks

    The definitive publisher-authenticated version has been published in Cambridge Journal of Economics, Vol. 24, No. 4, pp. 461-481, July 2000; and is available online at: http://cje.oxfordjournals.org/cgi/content/abstract/24/4/461

    Copyright © 2000 Cambridge Political Economy Society

    URI
    http://hdl.handle.net/20.500.11937/47361
    Collection
    • Curtin Research Publications
    Abstract

    Movements in the prices of primary products and manufactured goods are analysed using a model that introduces differences in wage and price determination between primary production and manufacturing. Wages and prices in primary production are treated as competitively determined, while prices and wages in manufacturing are determined by mark-up pricing and union-employer bargaining, respectively. The objective is to capture the influence of structural differences between manufacturing and primary production on the terms of trade between industrialised and developing worlds as discussed in the seminal contributions to the development literature by Raul Prebisch and Hans Singer. The model is estimated using price and wage data from the post-World War II period. Support is found for the Prebisch-Singer hypothesis; however, our estimates suggest that, during periods of particularly rapid manufacturing growth, there have been intervals of net improvement in the terms of trade of primary producers.

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