This paper analyzes the relationship between changes in the terms of trade and other exogenous shocks and national welfare. The latter is a wealth concept while the former is usually measured as a flow. We show that consideration of the flow measures alone is not sufficient to evaluate the impact on welfare; it neglects optimal investment adjustment and the endogenous terms of trade changes associated with adjustment. We indicate that some types of...
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INFORMATION
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1985/06/30
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Document de travail départemental
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CPD8528
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1
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1
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2017/10/31
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Disclosed
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The welfare impact of terms of trade changes
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national income
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