Overview

This book provides a theoretical analysis of services and services trade. It subsequently discusses how services logically differ from goods, how this affects the outcome of economic modeling, and how international services transactions affect trade patterns and welfare. As such, it is demonstrated that both the non-storable nature of services, as well as the relative ease of customization of services, entails consequences for the outcome of differentiated product models. With respect to the trade issues of services, this book first investigates the importance of producer services in determining comparative advantage and trade patterns in final goods. Differences in services intensities between final goods are shown to be a driving force behind many of the results. The welfare effects of trade in producer services are then studied. It is shown that these not only depend on the extent of the market for producer services, but that also the particular mode of services trade is important. By juxtaposing trade in services in a goods-like sense to trade in services that requires foreign direct investment, this book shows that the welfare effects of free trade in services are not straightforward, and that they depend on country-specific as well as services-specific aspects.

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9789051703399

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