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Market size and factor endowment in service trade: using generalized gravity approach : current issues

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Frame of Image  trade flows. This may underestimate the level of
service trade due to the intangible nature of services and the interdependence of services and foreign direct investment flows which hinder accurate measurement of services trade. Since the 1990s, world trade volume has steadily grown with this trend sharply increasing from the beginning of the 2000s. Goods and services trade
Source : OECD, Statistics on International Trade in Services.
Unit : million $
Source : OECD, Statistics on International Trade in Services.
from 1994 to 2007 showed annual average increases of 10.4% and 9.7% respectively. However, since 2002 the average annual rate of increase of goods and service trade recorded 21.2% and 19.2% respectively(See Figure 1).
Table 1 shows OECD countries’ share of international service trade in 2007. In 2007, the United States, the top-ranked country, accounted for 18.4% of total services trade in OECD countries. The United Kingdom and Germany followed with 10.2% and 10.0% respectively. Comparative advantages in bilateral trade are generally explained by two m a i n theories. First, the Heckscher-Ohlin type models of the factor proportions theory consider exogenous differences in national characteristics. The traditional Heckscher-Ohlin type models indicate that the patterns of goods trade between countries are shaped by the relative factor-endowment given technologies and tastes. Therefore, capital-rich countries export capital-intensive goods and import labor-intensive goo


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Title Market size and factor endowment in service trade: using generalized gravity approach
Similar Titles
Sub Title

current issues

Material Type Reports
Author(English)

Park, Moonsoo

Author(Korean)

박문수

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade (KIET)

Date 2010
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 15; no.3
Pages 12
Frequency Bimonthly
Language English
File Type Documents
Original Format pdf
Subject Economy < Trade
Holding KDI School of Public Policy and Management

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