The Neoclassical Theory of International Trade Works? The Case of Colombian Economy Between 1980 and 2007
Heckscher-Ohlin Model Neoclassical Theory of International Trade Methodological Falsacionism gravity model and panel data
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In this work we address the debate about the validity of the neoclassical theory ofinternational trade. We estimate a trade gravity model for the Colombian economy withthe purpose of examining the empirical validity of this theory. Using a panel year-baseddata for trade and gravity variables for Colombia between 1980 and 2007, this paperfinds that relatively abundant factor’s endowments of Colombia (labor and land) havea positive effect on Colombia’s trade flows. As a result, we do not find enough empiricalsupport to reject the neoclassical theory of international trade, and it particular theHeckscher-Ohlin-Samuelson theorem.
Díaz España, V. A. (2014). The Neoclassical Theory of International Trade Works? The Case of Colombian Economy Between 1980 and 2007. Sociedad Y Economía, (27), 177–205. https://doi.org/10.25100/sye.v0i27.3945
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