irs internal to firm (i.e. International Economics: Theory and Policy providesengaging, balanced coverage of the key concepts and practical applications oftheory and policy around the world. 2. For instructors: Lecture slides - PPT. Organization. You can access these resources in two ways: Using the menu at the top, select a chapter. People will demand dollars now to Assumption 11 of the balanced trade It means that the total volume of each nations exports equals the total volume of the nations imports. Gains form specialization: from T to E, after specialization the production point B of Nation 1 is 130 X and 20Y. Reason: the demand for Y and the demand for capital, could be so much higher in Nation 2 than in Nation 1 that the relative price of capital would be higher in Nation 2 than in Nation 1(alrough the relative greater supply of capital in Nation 2). International Economics. intergration of the two countries the Canadian-to-American exchange EXCHANGE RATE BY BUYING AND SELLING Gains From Trade and the Law of Comparative Advantage (Theory) Session 1 lecture slides (PDF) 2. what determines exchange rates?. - Japan-Philippines Economic Partnership Agreement Testbanks. (Empirics, Part II), Trade Theory with Firm-Level Heterogeneity (Theory, Part I), Trade Theory with Firm-Level Heterogeneity, (cont.) the exchange rate is the number of units of one during a particular time period. demand for dollars? The role of governments in regulating international trade and investment is substantial. With more income, U.S. consumers will central bank might decide that its holdings of a particular currency Growth Rate (%) If war erupts, a country cannot depend upon IHDR X Q_-> PLTEBs!1!1J1Jk9Z9kBcBkBkJsJsJ{J{RZcR{R{R{RZ{ZZZZZccksskkkss{{*|B bKGD H cmPPJCmp0712 H s -GIDATx^]{7L)g'+M*=uZMBdfgb?\_Y,X{o~jb(>7L~ya&P*~'u#S}F?VS-[37h8s5W&2ib>"K It raises the 2 major categories increase appreciate The slope of the production frontier gives the marginal rate of transformation (MRT). costs to compete without the help of a tariff. This gives the country a propensity for producing the good which uses relatively more capital in the production process . Chapter 1: Introduction Chapter 1: Introduction updated figures and table Part I: International Trade Chapter 2: Absolute Advantage Chapter 3: Ricardian Model of Comparative Advantage Country A should export ADJUSTABLE PEG SYSTEM transactions of a country with rest of the world, for a specific this, International Economics - . P25 to US$1: 35 will increase the price of a $1 per litter absolute: a countrys ability to produce more of a given, International Economics - . Account; or These are forms of protections arising from health and safety li yumei economics & management school of southwest university. (page 62), Reasons for Increasing Opportunity Costs and Different Production Frontiers Different Production Frontiers 1. When PPT - International Economics PowerPoint Presentation, free download - ID:3356417 International Economics. The horizontal axis measures the relative price of labor (w/r) while the vertical axis measures the relative price of commodity X (PX/PY); 2. 4. There is perfect factor mobility within each nation but no international factor mobility; 9.There are no transportation costs, tariffs, or other obstructions to the free flow of international trade; 10. Both nations use the same technology in production; 3. And the type and extent of these shifts depend on the type and extent of the changes that take place (details in Chapter 7). productivity increase depreciate endobj of the countrys external transaction. Illustration of Community Indifference Curves Illustration of Community Indifference Curves FIGURE 3-2 Community Indifference Curves for Nation 1 and Nation 2. Again, the U.S. investments become more attractive. chapter 10 exchange rates and the foreign exchange market. Bertil Ohlin (1899-1979) Brief Introduction Bertil Ohlin developed and elaborated the factor endowment theory. new trade: key elements, irs & ic. A government-imposed trade restriction that limits the number, or in certain Nation 2s production frontier is skewed toward the vertical axis, which measures commodity Y. 5.1 Introduction 5.2 Assumptions of the Theory, International Economics Li Yumei Economics & Management School of Southwest University, International Economics Chapter 5 Factor Endowments and the Heckscher-Ohlin Theory, Organization 5.1 Introduction 5.2 Assumptions of the Theory 5.3 Factor Intensity, Factor Abundance, and the Shape of the Production Frontier 5.4 Factor Endowments and the Heckscher-Ohlin Theory 5.5 Factor-Price Equalization and Income Distribution 5.6 Empirical Tests of the Heckscher-Ohlin Model Chapter Summary Exercises, 5.1 Introduction Hechscher-Ohlin Trade Model To extend the trade model to identify one of the most important determinants of the difference in the pretrade-relative commodity prices and the comparative advantage among nations; To examine the effect that the international trade has on the relative price and income of the various factors of production Other more recent trade models Leontief Paradox, 5.1 Introduction Answer Two Questions The basis of comparative advantage: further explanation of the reason or cause for the difference in relative commodity prices and comparative advantage between the two nations; The effect of international trade on the earnings of factors of production in the two trading nations: to examine the effect of international trade on the earnings of labor as well as on international differences in earnings, 5.2 Assumptions of the Theory The Assumptions Meaning of the Assumptions. labor. ( factor abundance and its relationship to factor prices later explanation) . sufficiency. An expected depreciation of the dollar. International Economics - . employment will decrease an outcome. An increase in foreign GDP and income. This gives a production frontier for Nation 1 that is relatively flatter and wider than the production frontier of Nation 2 (if measures X along the horizontal axis). practice questions. If an American wants to buy Philippine product, he endobj In 1979 Ohlin was awarded a Nobel prize jointly with James Meade for his work in international trade theory. 7,731 j!m#uj`OdZkfgSC8_iM}9(N/ g6t^8;93|qwq\~mhOtgZk?G%& ? Since PAPA, Nation 1 has a comparative advantage in commodity X and Nation 2 in commodity Y. Equilibrium-Relative Commodity Prices and Comparative Advantage Why the relative prices are different in different countries? BAYYA,SHERYLL C.Organizing and School Organization.pptx, Code of Ethics and Professional conduct for nurses.pptx, AI - MS Bing & Google Bard ChatGPT-4, Scope, functions, Qualities of nursing.pptx, AGRICULTURAL SEASONS & CROPPING PATTERN.ppt, Joshua Verr Erratum: In Figure 3.5 on p. 53, both the EJM and the EVR distances are in the wrong place! % Without a certain level of protection from rich nations, Is a tax on imported products. canada with its. An increase in U.S. GDP and income. Factor Abundance 2. The Gains from Exchange and from Specialization Gains from Trade The gains from trade can be broken down into two components: the gains from exchange and the gains from specialization. 2.) 4 0 obj rate is often examined. Two nations, two commodities (X and Y) and two factors (labor and capital); 2. ( N=A T,H E) . 2) Speculators Li Yumei Economics & Management School of Southwest University. time. TRANSCRIPT Alternatively, some restrictive assumptions could be made. endobj foreign countries to purchase U.S. goods and services or U.S. investments. (Empirics, Part II), Trade Theory with Firm-Level Heterogeneity (Empirics, Part I), Trade Theory with Firm-Level Heterogeneity, (cont.) exchange rates with other currencies. The H-O theorem demonstrates that differences in resource endowments as defined by national abundance is one reason that international trade may occur. university of helsinki september 22 nd october 17 th , 2008. practicalities. They are sometimes imposed on specific goods and services to reduce <> Employment Argument -This arguments The Heckscher-Ohlin Theorem Heckscher-Ohlin (H-O) theory can be presented in the form of two theorems: 1. current account adjustments under. 9 0 obj International Economics - . Foreign exchange arbitrage is the buying $154.66. Higher curves refer to greater satisfaction, lower curves to less satisfaction. International Economics: Introduction Sep. 7, 2011 0 likes 24,482 views Download Now Download to read offline Education Technology Economy & Finance In this presentation, we will discuss about International Economics and will focus on various aspects that influence import and export trading, MNCs operational structure etc. OVER ALL BOP 6,411, Do not sell or share my personal information. US$1 = P43.36 means that P43.36 will be International Economics Salvatore Chapter 1 Ppt The Government's Decision. fixed vs. International Economics - . Try Microsoft Office Web Apps, which allows you to open, read, and edit PowerPoint files in any Internet browser! Winner of the Standing Ovation Award for "Best PowerPoint Templates" from Presentations Magazine. The Gains from Exchange and from Specialization Explanation of Figure 3.5 page 72 1. Some Difficulties with Community Indifference Curves Solution of the impasse Compensation principle: 1. most, each nation should give out what it has the most and the versa. Such as wheat land for milk production. Commodity Y is K-intensive commodity while commodity X is L- intensive commodity in both nations; Reason: K/L ratio is higher for commodity Y than commodity X, on the contrary the L/K ratio is higher for commodity X than commodity Y; 2. Fig. 3.Nation 2 is K abundant and Nation 1 is L abundant in terms of two definitions, this assumption is the case throughout the rest of the chapter. Only those importers who have cipP*R|JAPf_G}SfDQyLk|f,dBPLonwIMaKaNP S US investment risk increase depreciate PPTX, after class, for the PowerPoint file that was used in class. There is perfect competition in both commodities and factor markets in both nations; 8. PPT - International Economics PowerPoint Presentation, free download - ID:4547556 Create Presentation Download Presentation 1 / 76 International Economics 602 Views Download Presentation International Economics. degree of economic stability by limiting the amount of exchange (Theory, Part II) The effects of trade and migration are part of international economics. BOP is one of the most important tools for national and Practicalities. endobj Capital and Financial A decrease in the value of the peso from US$1: A decrease in the riskiness of U.S. investments relative to foreign Create stunning presentation online in just 3 steps. Chapter 4: Heckscher-Ohlin Model of Comparative Advantage, Chapter 10: Multinational Enterprises and Foreign Direct Investment, Chapter 12: Engaging International Production, Chapter 16: Exchange Rates and Purchasing Power Parity, Chapter 19: International Monetary System, 3351 Fairfax Drive, MSN 3B1 The upward movement in Nation 1 and downward movement in Nation 2 will continue until point B=B, at which PB=PB and w/r=(w/r) (only at this point both nations operate under perfection competition and use the same technology by assumption). these developing countries will find themselves trapped 2. ISBN-10: 1292214953 ISBN-13: 9781292214955 2018 Online Live. And different supply of factors of production in different nations have different factor prices. has to sell his dollars in exchange for pesos in a prof. dr. stefan kooths bits berlin (winter term 2015/2016) www.kooths.de/bits-ie. 17 0 obj current account adjustments under. Government taxes enough of the gainers to fully compensate the losers with subsidies or tax relief) 2. 2. liabilities). All resources are fully employed in both nations; 11. International trade between the two nations is balanced; Meaning of the Assumptions More realistic case of assumption 1; Assumption 2 of same technology means that both nations have access to and use the same general production techniques. often thought of as being two sides of the same coin. (Add) + lecturer: International Economics - . Conclusion In the absence of trade, a nation is in equilibrium when it reaches the highest indifference curve possible with its production frontier. Case study 5-1: the relative resources endowments of various countries and regions. 3.6 Trade Basis on Differences in Tastes Illustration of Trade Based on Differences in Tastes Conclusion, Illustration of Trade Based on Differences in Tastes With increasing costs, even if two nations have identical production possibility frontier (which is unlikely), there will still be a basis for mutually beneficial trade if tastes, or demand preferences, in the two nations differ. The Ricardian Model, (cont.) demand for foreign (Theory, Part II), Economic Geography, (cont.) increase appreciate Due to the fact that the two nations have different factor endowments or resources at their disposal (details in Chapter 5) and / or use different technologies in production. rate is the price if a unit of a Illustrations of the Basis for and the Gains from Trade with Increasing Costs Explanation of Figure 3.4 1. Arlington, VA 22201 predictable, more competitive and more beneficial for Quota I s a fixed limit placed on the quantity of Constant Opportunity Costs: It means that the nation must give up the fixed amount of one commodity to release enough resources to produce each additional unit of another commodity. Case Study 3-1 Comparative advantage of the Unites States, the European Union and Japan Revealed Comparative Advantage () It refers to the excess in the percentage of total exports over the percentage of total imports in each major commodity group for each country or region. Oia9~GMSsMRI>y{}k= }VUT} V &k|g/&L__3we=s>PWe.T2R>YP{T#'&" ~hl Z@hZ9 jW!EZDJ5. The increasing costs mean that the production costs of given-up product decline until they are identical in both nations. CURENCYS VALUE IS ALLOWED TO FLUCTUATE Resources or factors of production are not homogeneous (e.g. Illustration of the Hechscher-Ohlin Theory Figure 5.4 FIGURE 5-4 The Heckscher-Ohlin Model. T1 The U.S. as the largest debtor. opportunity afforded them to compete with foreign products. [ 13 0 R] The demand for factors of production, together with the supply of the factors, determines the price of factors of production under perfect competition. upon economic activity of international differences in This implies that free trade will equalize the wages of workers and the rents earned on capital throughout the world. matti.sarvimaki_at_vatt.fi / (09) 703 2953. International Economics. Net Unclassified Items 2,010 faculty: International Economics - . (change in reserve assets and change in reserve Foreign issued Securities, Monetary Gold, Foreign Exchange most valid argument for an industrializing country. Heckscher-Oblin-Samuelson Theorem He studied at university in Uppsala and Gothenburg, completing his PhD in Uppsala in 1907. 3. consumers will buy more of all types of goods and services, both foreign and 2. Current Account 8,465 9,358 -9.5 5.5 Factor-Price Equalization and Income Distribution The Factor-Price Equalization Theorem Relative and Absolute Factor-Price Equalization Effect of Trade on the Distribution of Income The Specific-Factors Model Empirical Relevance, The Factor-Price Equalization Theorem The Content of Factor-Price Equalization Theorem The factor-price equalization theorem says that when the prices of the output goods are equalized between countries, as when countries move to free trade, then the prices of the factors (capital and labor) will also be equalized between countries. In short its a helping hand or fill in the gap kind of trade. International Economics - . Law of Comparative advantage The PPF of the two nations are now assumed to be identical, they are represented by a single curve. $.' provide competition with foreign competitors and pay <> Past acc./Past acc. Under constant cost, the complete specialization happens in a small country while a large country continue to produce both commodities even with trade due to the dissatisfaction demand for the imports from a small country. a)Goods and Services - Exports, Imports, Services 16,413 In other words, the relative capital price (r/w) is lower in Nation 2 than in Nation1. Meaning of the Assumptions Assumption 10 of all resources fully employed It means that there are no unemployed resources or factors of production in either nation. To ensure free flow of trade by reducing trade barriers. international trade theory the standard model of trade march 1-8, 2007. the standard model of, International Economics - . international policy formulation as countries have increasingly One of those programs is Impress, with which you can open, read, and edit any PowerPoint file. (according to physical units of factor abundance). external sector through their impact on foreign trade. Meaning of the Assumptions Assumption 7 of perfect competition It means that producers, consumers and traders of commodity X and commodity Y in both nations are each too small to affect the price of these commodities. (page 123) 2. Nation 1s production frontier is skewed toward the horizontal axis, which measures commodity X. topic 1: international trade theory and policy. To examine each nation gains from specialization and pattern of trade with trade. Small-Country Case with Increasing Costs Small Country Case 1. Conclusion Increasing opportunity costs meant that the nation must give up more and more of one commodity to release just enough resources to produce each additional unit of another commodity. as currency devaluation/currency appraisal. Lecture 18 slides (PDF - 1.5MB) 19. It is reffered to If r/w declined, producers would substitute K for L in the production of both commodities to minimize their costs of production. endobj TRY TO MAINTAIN THEIR CURRENCY VALUE absolute: a countrys ability to produce more of a given, International Economics - . produced at home ( import substitution ) and therefore more dollars to exchange for foreign currency, and supply increases or shifts globalization is the process of integration of an economy into the world economy. and quotas are too low, so they decide to buy that currency on the open market. (Theory, Part II), Gains From Trade and the Law of Comparative Advantage (Empirics), The Heckscher-Ohlin Model (Theory, Part I), The Heckscher-Ohlin Model, (cont.) chapter 1:. Trade will change the distribution of real income in the nation and may cause the indifference curves to intersect. Exchange rate movements can affect actual inflation E.G. to secure economic independence of national self- what determines exchange rates?. new trade theory. We still draw them as nonintersecting. Get powerful tools for managing your contents. preservation of the environment. Nation 1 is L-abundant nation and commodity X is the L- intensive commodities, Nation 1 can produce relatively more of commodity X than Nation 2. Factor Change in US $ Restriction assumptions about tastes, incomes and patterns of consumption to preclude intersecting community indifference curves Here the compensation principle or restrictive assumptions do not completely eliminate all the conceptual difficulties inherent in using community indifference curves. The Heckscher-Ohlin Theorem Conclusion The H-O theorem predicts the pattern of trade between countries based on the characteristics of the countries. Thus, while increasing opportunity cost in production is reflected in concave production frontiers, a declining marginal rate substitution in consumption is reflected in convex community indifference curves. week 1 12 th february 2013 introduction. exchange rates. model of the fx market. 2023 An Introduction to International Economics, Kenneth A. Reinert, Cambridge University Press 2012, 2021, An Introduction to International Economics. 2. (Theory, Part II), Offshoring and Fragmentation of Production (Theory, Part I), Offshoring and Fragmentation of Production, (cont.) Illustration of Increasing Costs Illustration of Increasing Costs With increasing costs, each nations PPF (production possibility frontier) is concave () from the origin (rather than a straight line with constant costs). BOP disequilibrium &Monetary and fiscal measures for the adjustment in the BO School Backgrounds for Virtual Classroom by Slidesgo.pptx. Chapter 3 The Standard Theory of International Trade. foreign exchange market. What Is International Economics About? Several factors, all relating to decisions of Overall BOP 3 0 obj a temporary imposition of tariff will cut down imports Increasing Returns (III) - Dumping and External Economies of Scale. It also means that the labor-capital ratio (L/K) is higher for commodity X than for commodity Y in both nations at the same relative factor prices. The Marginal Rate of Substitution Marginal Rate of Substitution (MRS) 3. new trade theory. Bertil Ohlin (1899-1979) Bertil Gotthard Ohlin (pronounced [brtil ulin]) (23 April1899 3 August1979) was a Swedisheconomist and politician. 2 TYPES OF FLOATING EXCHANGE RATE international, International Economics - . dependent on the export of few primary services in dollars and, therefore they will have to convert their thereby reducing the import spending of the country. exchanged for each US$1 or that US$1 will be Ocana, Cherry The increasing opportunity costs in terms of X that Nation 2 faces are reflected in the longer and longer leftward arrows in the figure, and result that the PPF is concave from the origin. How to show the PPF in each nation with increasing Costs? the exchange rate is the number of units of one. and out of a country. International economics refers to a study of international forces that influence the domestic conditions of an economy and shape the economic relationship between countries. assume two goods and two countries. cases the value, of goods and services that can be imported or exported INCREASE demand, causing the U.S. dollar to appreciate: endobj foreign debts, TYPE OF EXCHANGE RATE REGIME WHEREIN A observed that higher wages of a result of higher Tariffs are used to restrict The weakness of this argument lies in fact that Lectures Mondays 12-14, Wednesdays 14-16. money is flowing out of the country than coming in, and vice while local industries will learn how to produce at low the principle of comparative advantage. Or the amount of one commodity that one nation wants to import equals the amount of the commodity that the other nation wants to export. Governments may impose tariffs to raise revenue or to protect domestic Due to the geographical proximity and economic declines/increases due to legislation. Reason: A capital-abundant country is one that is well endowed with capital relative to the other country. assume two goods and two countries. Lecture slides - TeX. Meaning of the Assumptions Assumption 4 of constant returns to scale It means that increasing the amount of labor and capital used in Production of any commodity will increase output of that commodity in the same proportion. There is incomplete specialization in production in both nations; 6. See page 67 table 3.1. 2009 or none from others in return Hence they sell their currency to buy stream faculty: prof. sunitha raju. 20012023 Massachusetts Institute of Technology, Gains From Trade and the Law of Comparative Advantage (Theory), The Ricardian Model, (cont.) ENVIRONMENT IN WHICH EXCHANGE RATE that this is the case, as in every transaction there is a buyer and a endobj the level of competitiveness of the Philippine exports University of Helsinki. commodities. income, Interest payments to foreign creditors Chapter 3 The Standard Theory of International Trade. The H-O theorem says that a capital-abundant country will export the capital-intensive good while the labor-abundant country will export the labor-intensive good. can play a role in the demand for currency.Supply and demand are 3.1 Introduction 3.2 The Production Frontier with Increasing Costs 3.3 Community Indifference Curves, International Economics Li Yumei Economics & Management School of Southwest University, International Economics Chapter 3 The Standard Theory of International Trade, Organization 3.1 Introduction 3.2 The Production Frontier with Increasing Costs 3.3 Community Indifference Curves 3.4 Equilibrium in Isolation 3.5 The Basis for and the Gains from Trade with Increasing Costs 3.6 Trade Based on Differences in Tastes Chapter Summary Exercises, 3.1 Introduction To examine three questions further The following three questions are examined Basis for Trade Gains from Trade Patterns of Trade in the more realistic case of increasing costs (which is different from Chapter 2 constant costs). exchange to pay interest and maturing obligations on Chapter 1: Introduction Dominick Salvatore John Wiley & Sons, Inc. What is International Economics?. Samuelson, The Gains from International Trade Once Again, Economic Journal, December 1962, pp. expensive price different production possibility frontiers, 3.2 The Production Frontier with Increasing Costs, Reasons for Increasing Opportunity Costs and Different, Reasons for Increasing Opportunity Costs and Different, Illustration of Community Indifference Curves, Some Difficulties with Community Indifference Curves, Equilibrium-Relative Commodity Prices and Comparative. The increasing opportunity costs in terms of Y that Nations 1 faces are reflected in the longer and longer downward arrows in the figure, and result that the PPF is concave from the origin. Reason: Nation 2 is a K-abundant nation and commodity Y is K- intensive . International economics is concerned with the effects Gains From Trade and the Law of Comparative Advantage (Theory) Lecture 1 Notes (PDF) 2. He was Minister of Trade during World War II. that country A lacks the most. 16 0 obj Handout 6, before class, for a PDF handout with 6 slides per page. THE PEGGED EXCHANGE RATE IS OFTEN ACCORDIMG the absolute vs comparative advantage. The book is broad enough to satisfy the interests of a range of academic programs, including economics, business, international studies, public policy, and development studies. People will supply dollars now to avoid This is equivalent to saying that the K/L ratio (capital-labor ratio) is lower for X than for Y in both nations, but not mean K/L ratio for X is the same in both nations. LECTURE SLIDES. exchange rate is made the same in all markets by topic 1: international trade theory and policy. 1 0 obj PDF, after class, for PDF version of the slides that were used in class. 5 0 obj Heckscher is best known for a model explaining patterns in international trade (Heckscher-Ohlin model) that he developed with Bertil Ohlin at the Stockholm School of Economics. Nation 1 gains 20X and 20Y from its no-trade equilibrium point A by exchanging 60X for 60Y with Nation 2. exchange rate. trading blocks are influenced by developed countries Chapter Summary To introduce demand preferences or tastes (demand conditions given by community indifference curves) to extend the simple trade model (only supply conditions given by production possibility frontier) with increasing opportunity costs: To determine the equilibrium- relative commodity price in each nation in the absence of trade under increasing costs, and to indicate the commodity of comparative advantage for each nation. position. country and all other countries during a specified period of (Less) - Factor Abundance In Such situation, it is the definition in terms of relative factor prices that should be used. expected US price 2. explain the patterns and consequences of transactions INTERNATIONAL ECONOMICS - . imports. 12 0 obj Richardson and C.Zhang, Revealing Comparative Advantage, NBER Working Paper No. - ASEAN-China Free Trade Area the principle of comparative advantage. lecture 11 what determines exchange rates?. week 1 12 th february 2013 introduction. The nation with the relatively smaller demand or preference for a commodity will have a lower autarky-relative price for, and a comparative advantage in, that commodity. He was a professor of economics at the Stockholm School of Economics from 1929 to 1965. With increasing costs, specialization in production is incomplete, even in a small nation. Please also see below. 2023 George Mason University, Organization. international economics powerpoint chapter 5, Factor Endowments and the Heckscher-Ohlin Theory, Dominick Salvatore, edition 10, It talks about Factor Intensity, Factor Abundance, and the Shape of the Production Frontier and Factor Endowments and the Heckscher-Ohlin Theory. Relative and Absolute Factor-Price Equalization To summarize PX/PY will become equal as a result of trade, and this will only occur when w/r has also become equal in the two nations (as long as both nations continue to produce both commodities). topic 1. what we will cover topic 1: International Economics - . DIRTY FLOAT (Tariff and BANKS ATTEMPT TO INFLUENCE THEIR COUNTRIES With TK/TL larger in Nation 2 than in Nation1 in the face of equal demand conditions (and technology), PK/PL will be smaller in Nation 2 , thus Nation 2 is the K-abundant nation in terms of both definitions. This difference in relative factor and relative commodity prices is then translated into a difference in absolute factor and commodity prices between the two nations. <> -.nzx]{*[SStrwO+U[_ci4 jUpMz*$j cA.bFr/Bhpf*CuqxJ|iZAI!h6#wGzZaEz[jd)/yJi"?RTLcE4h5qd&RmBP@9O6`5{ 9'G33eSQT&Q_UUSo*7Ts4Ik>9KE{9kW(9K#zKZvPd5q:: "R|g]3e_;9t^n>W,{ZjWgX :q[b *`-p#},DEO/AlZa"nT4]9m1.`p.O``8 btSU}REb"cHZJ_BT
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