Arbeitspapier

Structural change and global trade

Services, which are less traded than goods, rose from 58 percent of world expenditure in 1970 to 79 percent in 2015. Using a Ricardian trade model incorporating endogenous structural change, we quantify how this substantial shift in consumption has affected trade. Without structural change, we find that the world trade to GDP ratio would be 15 percentage points higher by 2015, about half the boost delivered from declining trade costs. In addition, this structural change has lowered the global welfare gains from trade integration by almost 40 percent over the past four decades. Absent further reductions in trade costs, ongoing structural change implies that world trade as a share of GDP would eventually decline. Going forward, higher income countries gain relatively more from reducing services trade costs than from reducing goods trade costs.

Sprache
Englisch

Erschienen in
Series: Working Paper ; No. 2020-25

Klassifikation
Wirtschaft
Open Economy Macroeconomics
Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
One, Two, and Multisector Growth Models
Thema
Globalization
Structural Change
International Trade

Ereignis
Geistige Schöpfung
(wer)
Lewis, Logan T.
Monarch, Ryan
Sposi, Michael
Zhang, Jing
Ereignis
Veröffentlichung
(wer)
Federal Reserve Bank of Chicago
(wo)
Chicago, IL
(wann)
2020

DOI
doi:10.21033/wp-2020-25
Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Lewis, Logan T.
  • Monarch, Ryan
  • Sposi, Michael
  • Zhang, Jing
  • Federal Reserve Bank of Chicago

Entstanden

  • 2020

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