中間財貿易と為替安定性(2)
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In the preceeding number the general effect of devaluation with the trade of raw materials included was shown. Now in order to clarify the implication of the general effect we specify the structure of production: in the devaluing country there are no interindustrial relations and export industry alone imports raw materials. The result thus obtained is[numerical formula]where B : the balance of trade in country A ; π: the paying rate of country A ; M: the value of imports when the trade balance was initially zero; μ: the rate of added value; s_i : the marginal propensity to save; m_i : the marginal propensity to import finished goods; η_i : the price elasticity of demand for import (positive); E_i : the total expenditure ; P_<xi> : the export price. This result was reported in my paper " An Attempt on the Exchange Stability " (The International Economics Study Series, No. 3, Nov., 1957 and The Rokkodai Ronshu, April, 1958). The formula shown by Processors Laursen and Metzler is easily obtained from the above formula by putting μ=1 or assuming that there are no imported raw materials. If we compare both results, we can show the importance of role of raw materials and of structure of production. There are three appendices in this article. Appendix A treats the establishment of general model, the derivation of general effect of devaluation and some proofs. Appendix B has two sections. In the first section we examine the attempt of Brown that treated first the imported raw materials in devaluation. As a result we are able to conclude that (1) Brown failed the treatment of imported raw materials in the balance of trade, (2) his merit is that he first combined the price effect and the income effect, and (3) he and introducers of his attempt in Japan have a few mistakes. [To be continued]
- 桃山学院大学の論文
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