Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region
Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade ofindividual countries and in the relative prices of goods within those countries. Asia-Pacific countries are particular...
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Conference Paper |
| Published: |
The Australian National University
2009
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/20.500.11937/11983 |
| _version_ | 1848747951745138688 |
|---|---|
| author | Bloch, Harry Sapsford, D. |
| author2 | Professor Prema-Chandra Athukorala |
| author_facet | Professor Prema-Chandra Athukorala Bloch, Harry Sapsford, D. |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade ofindividual countries and in the relative prices of goods within those countries. Asia-Pacific countries are particularly affected by the changes in relative prices as they have been at the core of the increasing globalisation of production and distribution systems. An analysis of the causes and effects of the relative price changes is developed based on applying the analysisof business cycles developed by Joseph Schumpeter. Schumpeter's analysis emphasises innovation and structural change, particularly creative destruction, which impart uneven development on the economy and can foster financial crises. By applying Schumpeter's analysis the current crisis is put in the context of long-wave development of the capitalist system, which leads to predictions about the likely path of price and output changes over the medium term of the next decade or two. |
| first_indexed | 2025-11-14T06:57:19Z |
| format | Conference Paper |
| id | curtin-20.500.11937-11983 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T06:57:19Z |
| publishDate | 2009 |
| publisher | The Australian National University |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-119832017-01-30T11:28:01Z Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region Bloch, Harry Sapsford, D. Professor Prema-Chandra Athukorala global economic crisis business cycles Schumpeter primary commodity prices Terms of trade Dramatic changes in the relative prices of goods in international trade have accompanied, and indeed preceded, the global crisis. These changes are reflected in the terms of trade ofindividual countries and in the relative prices of goods within those countries. Asia-Pacific countries are particularly affected by the changes in relative prices as they have been at the core of the increasing globalisation of production and distribution systems. An analysis of the causes and effects of the relative price changes is developed based on applying the analysisof business cycles developed by Joseph Schumpeter. Schumpeter's analysis emphasises innovation and structural change, particularly creative destruction, which impart uneven development on the economy and can foster financial crises. By applying Schumpeter's analysis the current crisis is put in the context of long-wave development of the capitalist system, which leads to predictions about the likely path of price and output changes over the medium term of the next decade or two. 2009 Conference Paper http://hdl.handle.net/20.500.11937/11983 The Australian National University fulltext |
| spellingShingle | global economic crisis business cycles Schumpeter primary commodity prices Terms of trade Bloch, Harry Sapsford, D. Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title | Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title_full | Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title_fullStr | Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title_full_unstemmed | Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title_short | Terms of trade movements and the global economic crisis: Implications for the Asia-Pacific region |
| title_sort | terms of trade movements and the global economic crisis: implications for the asia-pacific region |
| topic | global economic crisis business cycles Schumpeter primary commodity prices Terms of trade |
| url | http://hdl.handle.net/20.500.11937/11983 |