Cantillon effects in international trade : the consequences of fiat money for trade, finance, and the international distribution of wealth

Abstract : This dissertation endeavors to offer a way to bridge the gap between the analysis of real and monetary phenomena in international economics. To this end, I analyze Cantillon effects, i.e. the differential impact of monetary expansion on prices, production, wealth, and the pattern of international trade. In Part I review the standard literature in international economics from the 19th century to contemporary theories. In Part II I use the contributions of Ludwig von Mises to the theory of money and business cycles as the foundation for the analysis of monetary expansion and international trade. In Chapter 4, I focus on the relationship between financial development and international trade. In Chapter 5, I analyze the impact of inflation and5fractional reserve banking on trade finance, and the transmission of business cycles across national borders. The main findings of my research are that monetary expansion modifies the direction, composition, volume and value of trade and capital flows. I apply this framework in Chapter 6, to explain the evolution of merchandise and capital flows over the last decades, and illustrate my findings with statistical evidence from the most recent financial crisis and the global trade collapse of 2008-2009. In Part III I analyze the impact of monetary expansion on international industrial organization, and the global distribution of income and wealth. In the concluding section, I draw out the major implications of my analysis for international trade and monetary policies, and its importance for future research.
Document type :
Theses
Complete list of metadatas

Cited literature [682 references]  Display  Hide  Download

https://tel.archives-ouvertes.fr/tel-02157134
Contributor : Abes Star <>
Submitted on : Saturday, June 15, 2019 - 12:23:06 PM
Last modification on : Sunday, June 16, 2019 - 1:46:55 AM

File

these_DOROBAT_STAR.pdf
Version validated by the jury (STAR)

Identifiers

  • HAL Id : tel-02157134, version 1

Citation

Carmen Dorobat. Cantillon effects in international trade : the consequences of fiat money for trade, finance, and the international distribution of wealth. Economies and finances. Université d'Angers, 2015. English. ⟨NNT : 2015ANGE0067⟩. ⟨tel-02157134⟩

Share

Metrics

Record views

329

Files downloads

82