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Handelsbilanz und gesamtwirtschaftlicher Vermögensbestand. Überlegungen zur Erweiterung der „reinen“ Außenhandelstheorie
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 96 (1976), Iss. 4 : pp. 315–333
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Bechler, Ekkehard
References
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Kemp, M. C. (1964), The Pure Theory of International Trade, Englewood Cliffs, N. J., 1964.
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Vicarelli, F. (1972), Verso un integrazio tra teoria pura e teoria monetaria del commercio internazionale, Economia Internazionale 25 (1972), S. 431 - 449, 623 - 653.
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Abstract
It is argued that wealth effects should be considered as a determinant of demand in traditional trade theory. Consequently the question arise how to justify changes of aggregate wealth in a non-monetary economy where only consumption goods are produced. It is shown that under the assumptions of the standard Heckscher-Ohlin-models changes of aggregate wealth can only be initiated when unbalanced trade creates claims against the deficit economy. Considering the influence on demand of this “national wealth” and its changes we find that the stability of trade equilibrium is either strengthened or weakened when wealth effects are present. Beyond this we find that these claims constitute a quasimonetary element in traditional barter models of international trade