Description
Book SynopsisThe main purpose of this book is to expose economics graduate students and researchers to the most significant development in international trade that has taken place in the recent past. Service transactions now make up a sizeable portion of global trade. Trade in both final and intermediate inputs is done virtually through information and communication networks, raising afresh the question of the basis of trade and calling for in-depth investigation. This book succinctly comes up with a relatively new explanation for the basis of trade, thus it adds a new dimension to three existing building blocks: technology, endowment, and returns to scale.
Against a backdrop of standard Ricardian and Heckscher–Ohlin competitive models of trade, the chapters of this book nicely introduce the issue of communication cost and the difference in time zones between two trading nations. Then follow many intricate phenomena such as informality, skill formation, growth, wage inequality, and decisions regarding foreign direct investment (FDI). However, imperfectly competitive models are not dealt with in great detail as they deserve more space than can be allotted to them here. Given the nonexistence of any research-oriented in-depth analyses of competitive trade models with time-zone differences, this book is a valuable addition to the resources available to researchers and policymakers interested in deciphering recent developments in global trade patterns and the subsequent welfare effect.
Trade Review“This book is a very important contribution, which successfully and elegantly introduces and establishes time as a new dimension for trade. … An outstanding and attractive feature of the book is extremely well written (to the point) chapters with chapter specific reference and appendices at the end of the chapters … . The book would be of immense value for policy makers, researchers and students alike.” (Suryaprakash Mishra, Journal of Quantitative Economics, Vol. 20, 2022)
“This book should find place in every shelves of academic institutions where researchers can get foods for thoughts and generate more fruitful research topics. … This book will show the reader how to tread the path in the right direction … . M-M-N ignited the lamp by providing the theoretical mechanism couched in a lucid framework, and should be congratulated for this magnum opus demarcating a clear path away from orthodoxy.” (Gouranga G. Das, Journal of Economics, Vol. 136 (2), July, 2022)
“This excellent book is very timely. … In addition to being an excellent source for role of time in international trade, this book provides a great toolkit that may be used in future research to answer various research questions that deal with the role of time in the trade.” (Reza Oladi, Indian Economic Review, Vol. 55, 2020)
Table of ContentsPart I
Chapter 1: Introduction
Chapter 2: Trade and Time Zones – What We Know
Part II : The Time and The Pattern of Trade
Chapter 3: Time Zone Differences and Comparative Advantage in Ricardian Model
Chapter 4: Time Zone Differences and Trade in Heckscher-Ohlin Setup
Chapter 5: Time Zone Differences and Monopolistically Competitive Model
Chapter 6: Distance, Production, and Virtual Trade
Part III: Trade, Growth and Inequality
Chapter 7: Time Zone Differences induced Growth
Chapter 8: Separated Time Zone Induced Growth through Virtual Trade
Chapter 9: Virtual Labor Mobility and its Distributional and Allocative Impacts
Chapter 10: Time Zone Differences, Service Trade and Implications for Factor Prices
Part IV: Firm Heterogeneity, FDI and Financial Capital
Chapter 11: FDI and Skill Formation in Context of Time Zone Differences Induced Trade
Chapter 12: Time Zone Differences, Information Communication Technology, and Mobility of Financial Capital
Chapter 13: Role of FDI and Time Zone Differences in The Presence of Heterogeneous Firms
Part V: Conclusion
Chapter 14: Conclusion and Future AgendaChapter 7: Time Zone Differences induced Growth
Chapter 8: Separated Time Zone Induced Growth through Virtual Trade
Chapter 9: Virtual Labor Mobility and its Distributional and Allocative Impacts
Chapter 10: Time Zone Differences, Service Trade and Implications for Factor Prices
Section IV: Firm Heterogeneity, FDI and Financial Capital
Chapter 11: FDI and Skill Formation in Context of Time Zone Differences Induced Trade
Chapter 12: Time Zone Differences, Information Communication Technology, and Mobility of Financial Capital
Chapter 13: Role of FDI and Time Zone Differences in The Presence of Heterogeneous Firms
Section V: Conclusion
Chapter 14: Conclusion and Future Agenda
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