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International Trade as Determined by Income and Income Distribution
Beiling Yan 한국국제경제학회 2007 International Economic Journal Vol.21 No.4
In standard trade theory, consumption is normally assumed to be homothetic. Consequently, income and its distribution have no role in determining international trade patterns. This paper examines the assumption and its implications. The assumption of homothetic preferences is rejected at the 1% level. It further demonstrates that the Heckscher-Ohlin-Vanek (HOV) model modified by allowing for non-homothetic taste improves the performance of HOV prediction and explains some of the trade puzzles and paradoxes,.