https://cpes.org.uk/om/files/original/c60540486ed242b470def62c1a7b9983.pdf feee8712561968d612741ca9699beab4 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Cambridge Economic Policy Review Volume 5 Date A point or period of time associated with an event in the lifecycle of the resource April 1979 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Text Any textual data included in the document Appendix A Historical data and projections of world trade This Appendix explains the system for analysis of world trade used in Chapter 1 of this Review and provides summary tables of historical data and alternative projections up to 1985*. The analysis uses a set of precisely defined variables for which annual data have been obtained, covering the period 1960 to 1978, together with a model comprising identities and structural or behavioural hypotheses. The variables have been selected to permit a simple description of the level of economic activity and the changing structure of trade between eight major trading countries or groups of countries which make up the world economy. These eight blocs comprise the United Kingdom, the European Economic Community (EEC) excluding the UK, the United States, Japan, other developed countries, the Organisation of Petroleum Exporting Countries (OPEC), other developing nations and centrally planned economies. The definition of each group is that adopted by the UN Statistical Office and is given in detail below. The growth of world trade is treated as being demand-determined, the level of demand in the world as a whole being constrained by the balance of payments positions of individual countries and the way these interact. The level of world output and trade is assumed not to be closely governed in the medium term by a pre-determined aggregate supply of energy, food and raw materials, provided at least that world GNP does not grow exceptionally fast. The model is a specific quantitative implementation of the scheme of analysis proposed in Chapter 4 of our Economic Policy Review no. 4, published in March 1978. The system is constructed around a decomposition of the current account balance of payments of each bloc into three elements of trade (manufactures, food and raw materials, and fuels) plus invisibles. Certain aspects of the structure of these elements, notably shares in the markets for manufactures and potential supplies of food, raw materials and fuels, are regarded as being largely exogenously determined in the medium term. These structural aspects provide a strong constraint on the behaviour of other variables in the system. * A manual of the model with full historical annual time series for 1960-78 on trade, GNP and balances of payments will be available in May 1979 from the Department of Applied Economics, Sidgwick Avenue, Cambridge, CB3 9DE, price £5.00. The flows of visible trade all depend on endogenous as well as exogenous relationships, linking trade to GNP, balance of payments and to changes in terms of trade. The most important relationship of this kind is that for manufactured imports, which are closely linked to GNP. Aside from balance of payments elements, the other main variable in the system is the volume of GNP, which is treated formally as an exogenous variable. The level of GNP is assumed to be governed by national policies, determined in the light of changes in trade and current balances. These national policies differ fundamentally, depending on whether or not the balance of payments forms a significant constraint on the achievement of internal policy objectives. This system of relationships, specified more formally below, forms our representation of the world economic system. It is used to obtain projections of the future conditional on different assumptions about external circumstances and strategic policy decisions. Concepts and variables Two concepts of income are distinguished. GNP at constant prices is obtained by deflating the current price series for each country using its own domestic GNP 'deflator'. Real national income is obtained by adjusting constant price GNP for the effects of changes in the world terms of trade between commodities and manufactures, and hence expresses GNP in terms of buying power, as opposed to production volume. The remaining variables relate to the current balance of payments, all measured in current dollars deflated by a world dollar price index for manu- factures (1975 = 100). In other words, balance of payments items are measured in terms of their purchasing power for traded manufactures at 1975 world prices. Imports are measured on an f.o.b. shipment, rather than arrivals, basis so that for the world as a whole they sum to the total of exports. There is therefore a timing discrepancy between imports as measured here and imports as measured in national balance of payments statistics. For manufactures exports and imports are separately distinguished. Trade in fuels and in food and raw materials is shown on a net export basis. Net fuels and food and raw materials are measured in both value and 45 'volume'; the latter is obtained by dividing net export _ values by world price indices for fuels and other commodities respectively relative to manufactures. Although these are referred to as 'volume' series, they include relative price effects where prices of national exports or imports diverge from world prices, as for example when UK food import prices are increased above world levels by the Common Agricultural Policy of the EEC. Invisible items are a residual determined on the one hand by the balance of trade as measured by United Nations data on an f.o.b. shipments basis, and on the other by OECD data on current balances of payments. This residual measure of invisibles includes several sources of discrepancy. Firstly it fluctuates as a consequence of fluctuations in the value of trade. For example, when the value of trade is rising rapidly the timing difference between the recording of an export and its subsequent recording as an import causes the total value of imports recorded in national trade accounts to be lower than that of exports recorded for the same year. Thus fluctuations in the value of trade on the high seas are reflected in changes in our invisibles residual. Secondly, discrepancies arise because invisibles are not recorded precisely nor on the same basis by each country. Countries vary in their measurement of profits received from or due abroad; multinational companies may not always report profits earned in one country as a credit to any other country and may divert some of their income into offshore capital inflows. There may also be problems about the consistency of measurement of international aid flows. The system of relationships The principal identity in the model disaggregates the balance of payments on current account. In symbols, B =X -M+A +F+R where X and M are respectively exports and imports of manufactures, A is net trade in food, drink, tobacco and raw materials, F is net trade in fuels and R is net invisibles. Exports and imports of manufactures, it must be emphasised, are gross flows, while the other items are net flows. All these variables are measured in current dollars deflated by the dollar price index for world manufactured exports. For any one country or trade bloc, exports of manufactures are determined as a share of total demand for manufactured imports by each trade bloc in the following manner. The value of exports of manufactures of bloc i is X= L S M i j ij j where sij is the proportionate share held by bloc i of the manufactured imports of bloc j. The sum across all markets gives total manufactured exports of each exporting country. The proportionate shares, S ij, measured directly for the past, are projected into the future by fitting a trend to past values of 46 r=1n(S/1-S) where S is the proportionate export share, as before. This transformation ensures that projected shares cannot fall below zero or exceed 100%. The shares are projected individually for each exporter with subsequent reconciliation to ensure that shares in any one market sum to 100%. Since the export shares are exogenously determined in the light of previous trends or on the basis of specified policy options, they provide a strong element of structure constraining the movement of the other variables in the system. A second important structural element in the model is the pattern of propensities to import manufactures. Imports of manufactures are determined as: M =/-l y i ii where Y is real national income and JJ. is the import propensity. Import propensities are related to past trends and to the short-run growth of income. As with export shares, the import propensity is transformed for the purposes of projections. The transformed import propensity is defined as: ji.= /-l. JJ.max -JJ.max-JJ. where IJ.max is an upper limit to the level of manu- factured import penetration, here set at 50% of GNP. This transformation ensures that projected import propensities stay below the upper limit. The transformed import propensity for any one country or bloc is projected in the following manner: .f)fl= ((30 + (31 ~1 +{32 e'Yf where Y is GNP and the term in brackets determines cyclical dynamics of the import propensity around the non-linear trend. The structure of the equation implies that manufactured import propensities are projected to move through time along an s shaped trend with a ceiling determined by JJ.max and with cyclical fluctuations dependent on the growth of GNP. Although both export market shares and import propensities for manufactures are exogenously determined either wholly or in part, they are not fixed constants. Aside from changes reflecting the continuation of past trends, they are also altered in certain projections by precisely defined assumptions related to different policy options such as mediumterm exchange rate changes or import restrictions. Net exports of fuels and of food and raw materials are each treated in the same way. Taking fuels as an example, the value of net exports of any one trade bloc is F =:p . F Fi where P F is the world price of fuels relative to manufactures and Fi is the 'volume' of net fuel exports of the bloc in question. The volume of net fuel exports is projected as F = exogenous term - a_ Y_ - A ~ F * i ll i The exogenous term incorporates the effects of changes in fuel supply capacity and structural changes in fuel demand, while a i is a coefficient relating marginal net imports to GNP. Separate net export projections for each bloc have no particular reason to sum to zero for the world as a whole, but result in a world surplus or deficit, defined as ~F* i where F. * = exogenous term - a Y l ii The coefficients Ai' which are imposed a priori in such a way as to sum to unity across trade blocs, indicate how any potential world surplus or deficit is absorbed. In the case of fuels, the OPEC countries are judged likely to supply 70% of any excess demand, or alternatively to reduce output by 70% of any projected surplus of supply over demand. The other major suppliers, the centrally planned bloc and other developing market economies, are assumed to absorb most of the rest of any imbalance. In the case offood and raw materials potential imbalances are assumed to be absorbed largely by three major suppliers: the USA; 'other developed countries' including the former Commonwealth dominions, Southern Europe and Scandanavia; and non-oil developing countries. The size and direction of potential world imbalances provide some indication of likely changes in commodity prices. These indications provide a basis for making. informal adjustments to projections of world prices of fuels and food and raw materials relative to manufactures, although our adjustments are conservative and no attempt is made to estimate price changes necessary for full market clearing. The last element of the current balance is trade in invisibles. This is defined essentially as a residual and is for the time being projected for the future on the basis of past trends. The final variables in the system are GNP and real national income. Real national income was defined above as real GNP adjusted for terms of trade effects. GNP is determined exogenously, effectively as a policy instrument. This treatment is adopted because growth of income in each country is regulated by fiscal and monetary policy in conjunction with trade and private sector demand. In the last resort the growth rate can be altered by policy measures and to this extent GNP is a proxy for fiscal and monetary policy. In general terms there can be said to be two main kinds of policy objective relevant to demand management in each country or bloc. These are: (i) internal objectives such as economic growth, full employment or the reduction of inflation; (ii) balance of payments objectives, especially main- taining the current account balance at or above a manageable leveL The latter objective is especially important for countries which can be described as having current accounts vulnerable to persistent deficit, either because of a debt problem (as in most developing countries) or because the exchange rate is hard to maintain at a stable level in the face of speculative capital outflows. A depreciating currency may matter, because it usually makes it difficult to meet the internal objective of low inflation rates, due to rising import prices and high export profits which encourage employers to pay higher wages. The dichotomy of policy objectives described above is used in solutions of the model in the form of a crude classification of countries/blocs into: (a) those constrained by balance of payments current account deficits which have to adiust GNP to prevent the deficit from becomu;g excessive; (b) those unconstrained by balance of payments considerations which adjust GNP by policy measures governed mainly or wholly by domestic objectives. This distinction is intended to apply only to the medium term. From year to year, policy adjustments are a hit-and-miss affair often based on out of date information, and short-run developments reveal miscalculations which are subsequently corrected. The logic of our distinction is only appropriate to the medium term, in which such fluctuations can reasonably be ignored. Properties of the model Once policy objectives have been set for constrained and unconstrained blocs the model is solved numerically. The character of solutions can be described as follows. First note that the level of world trade in manufactures is given by A W '=M* + M where the superscript * indicates unconstrained blocs and superscript "' denotes those classified as being constrained by balance of payments deficits. Each of these two import terms is determined by a different process. In the case of unconstrained blocs M* = Y*J.t where the level of GNP, Y *, depends on internal objectives, and may be regarded as an exogenous determinant of the system. For constrained blocs, if =x + ri>M where TDM is their trade deficit in manufactures. Here the value of imports is constrained by the purchasing power of exports and the size of the trade deficit in manufactures which is compatible with a manageable balance on current account. The manufactured trade deficit depends not only on the current account target, but also on the balance of non-manufactured trade and invisibles, which itself depends on changes in the volume of trade and on changes in the terms of trade. For instance, a commodity price boom would be likely to induce constrained primary commodity exporters to expand 47 their deficits on manufactured trade. The value of manufactured exports by constrained blocs is determined by their share of world trade, i.e. x=(l-cx*)W where ex* is the export share of the unconstrained countries. This gives rise to a multiplier process analogous to the Keynesian consumption-income multiplier. Thus M= X+ TDM (1 - Ol *) W+ TDM and W = M*+M M * + (1 - Ol *) w+ TDM (M *+ TDM) I ex* The level of world trade in manufactures is seen to depend on the level of imports by unconstrained countries together with the constrained countries' deficit on trade in manufactures, multiplied by the reciprocal of the unconstrained countries' share of world manufactured exports. The really critical elements in determining the level of world trade are now seen to be the following: (i) Which countries will fall within the uncon- strained category; (ii) How fast they will grow and thus expand their imports; (iii) Whether their share of world trade in manu- factures rises, hence depressing the share of the remaining countries; and finally (iv) Whether the constrained countries have to reduce their deficits on trade in manufactures, or alternatively find themselves able to expand them. On these considerations hangs the question of whether world trade contracts or expands. Much depends on the unconstrained countries, which have the greater freedom of choice. It is important to emphasise that countries remain in the unconstrained category either if they remain in surplus or if they have a strong reserve position. An occasional current account deficit would be insufficient to constrain in any genuine sense a country which is usually in current account surplus. In the case of constrained countries the causation proceeds from an insufficient share of world trade which is difficult to increase, to a GNP growth rate constrained by the need to prevent excessively large payments deficits. These countries are not in a position to significantly increase world trade, due both to the balance of payments constraint itself and to their inability to increase their share of trade in the face ofcompetition from the unconstrained countries. Assumptions underlying projections Using the model outlined above, it is possible to generate a number of projections for the future based on alternative policy options. The projections are obtained firstly by imposing a maximum size for the balance of payments deficit sustainable by constrained countries, and secondly by assuming a target rate of growth of GNP for each country. It is assumed that those countries which tend to run 48 persistent current account deficits will take deflationary action to prevent deficits from rising above this level. In projections up to I985 all blocs except Japan are found to be constrained in one or more cases. For most blocs maximum sustainable deficits are assumed to be close to the level of actual deficits for I978. Japan is unconstrained in all projections and is therefore assumed to achieve its target growth of GNP. World oil prices are assumed to rise 3% p.a. and food and raw materials I% p.a. relative to prices of manufactures in slower growth projections (I , 2 and 6 below); in faster growth projections (3, 4 and 5 below) they are assumed to rise I% p.a. more. Projections shown in the tables differ from each other as follows: Projection I. The UK, other developed market economies, and other developing market economies are assumed to have maximum balance of payments deficits close to or slightly above the actual I978 level. In addition the OPEC bloc is assumed to be constrained by a maximum deficit of $8 billion at 1975 values and the EEC (excluding the UK) by a target surplus of $2 billion. The most important assumption is that the US deficit must fall from $19 billion in I978 to $5 billion by I985. For this and most other projections the targets for annual GNP growth are assumed to be 4% for the USA and EEC including the UK, 6% for Japan and other developed market economies, and 8% for OPEC members and other developing market economies. Projection 2. The assumptions are as above except that the US balance of payments deficit is assumed to remain at its I978 level, and the EEC (excluding the UK) is assumed to accept a small deficit of $I billion at 1975 values. Projection 3. In order to meet its GNP growth target of 4%, while simultaneously holding its balance of payments deficit to the 1978 level in real terms, the USA is assumed to introduce restrictions on imports of manufactures. The degree of restriction is determined within the model to meet the growth target and balance of payments constraint. The remaining assumptions are the same as for projection 3, but the EEC excluding the UK is no longer balance of payments constrained. Projection 4. In addition to projection 3's assumption of US import restrictions, several further measures to control trade are assumed here, judged so as to enable all blocs to achieve fast growth of GNP without large balance of payments deficits. Japan's share of each manufactured export market is assumed to be cut back by 6% per year below the trend projected hitherto, with the effect that its exports grow at little over half the rate of world trade as a whole. The EEC excluding the UK is assumed to raise its GNP growth to 5% a year and to discriminate strongly in favour of manufactured imports from non-OPEC developing countries. The USA is assumed to discriminate in favour of manufactured imports from non-OPEC developing and other developed countries (excluding the EEC and Japan), while restricting the overall growth of its manufactured imports so as to reduce its current account deficit progressively to $5 billion (in 1975 values) by 1985 and simultaneously reflating to maintain 4% a year GNP growth. OPEC, the EEC and Japan are found to achieve their GNP growth targets without infringing balance of payments constraints. Projection 5. This projection assumes that, with the US maintaining its balance of payments deficit at the 1978level of $19 billion (at 1975 values), depreciation of the dollar and appreciation of the Yen and stronger European currencies continue fast enough to increase the US share of manufactured exports above its trend by 3% p.a. in each market, while Japanese shares fall relative to trend by 3% p.a. and shares of EEC countries (excluding the UK) fall by 2% p.a. Where shares adjusted in this way do not sum to 100%, any shortfall or excess is accommodated by an equal proportionate adjustment to the projected share of every bloc. The remaining assumptions are the same as for projection 2. Japan, OPEC and the EEC excluding the UK are all found to be unconstrained. Projection 6. Japan and the EEC excluding the UK are assumed to increase their rate of GNP growth to 8% and 5% per annum respectively. Balance of payments targets are the same as in projection 2. Japan, OPEC and the EEC are again unconstrained. Data sources and construction An integrated set of annual statistics on trade flows has been brought together from several sources; considerable work was required to secure reasonable consistency over the eighteen-year period, 19601978. The basic data include series on the dollar value of trade by major commodity groups by source and destination between the eight trading blocs (these figures include intra-trade where the blocs are made up of several countries). They also include series for GNP in dollars at constant and current prices, as well as current account balances of payments and net invisibles. The main source for data on trade flows by commodity between the eight trading blocs is United Nations trade matrices published in the Yearbook of International Trade Statistics, the UNCTADHandbook of International Trade and Development Statistics and occasionally in the UN Monthly Bulletin of Statistics. These matrices are most nearly complete in terms of our geographical areas for the period 1971-76 (see for example UN Monthly Bulletin, Vol. XXIX, No. 7, July 1975, Special Table D). Particularly for earlier years and for 1977 and 1978 the UN matrices are supplemented by country data from the Yearbook of International Trade Statistics, as well as UK Overseas Trade Statistics, trade statistics of the EEC published in Eurostat, trade statistics of the USA from the US Department of Commerce Statistical Abstract, and OECD Statistics of Foreign Trade, Series B. The UN trade matrices are broken down by commodities. We have distinguished separately food, beverages and tobacco (SITC 0 and 1), raw materials (SITC 2 and 4), fuels (SITC 3) and manufactured and unclassified goods (SITC 5 to 9). In the UN matrices these groups do not in general sum to equal total trade, nor do figures by source and destination sum to area and world totals. We have allocated residuals by commodity to the manufactured goods category and residuals by source or destination according to a defined hierarchy. Missing data have been interpolated and a rather complex reconciliation process has been used to assure correct aggregation where, particularly with linked data, the sources are inconsistent. GNP series have been assembled from four sources: United Nations Yearbooks of National Accounts Statistics, EEC National Accounts (Eurostat), International Financial Statistics published by the IMF and OECD Economic Outlook. Data are complete for seven out of the eight major regions of the world. The exception is 'other developing countries', for which GNP series were constructed from a scaled-up 70% sample of the countries involved. The major sources for data on the current balance of payments were International Financial Statistics (IMF) and OECD Economic Outlook. For the year 1978 the latest OECD forecast of invisibles (adjusted to our definitions) was adopted, unless very recent evidence suggested the need to revise it. The eight blocs into which the world economy has been divided are as follows: (1) The United Kingdom. (2) The other eight members of the EEC. (3) The United States. (4) Japan. (5) Other developed market economies, comprising Australia, Austria, Canada, Finland, Iceland, Israel, New Zealand, Norway, Portugal, South Africa, Sweden, Switzerland, Yugoslavia. (6) The Organisation of Petroleum Exporting Countries (OPEC), comprising Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libyan Arab Jamhiriya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. (7) All other developing countries except those under 8 below. (8) Centrally planned economies, comprising the USSR, Bulgaria, Czechoslovakia, German Democratic Republic, Hungary, Poland, Romania, China, Vietnam, Laos, North Korea and Cambodia. 49 Table AI. Structure of world trade in manufactures 1961-1985 Shares of world exports of manufactures United Kingdom Rest ofEEC 9 USA Japan Other developed market economies OPEC Othe.r developing market economies Centrally planned economies Ratio of manufacturing imports to GNP United Kingdom Rest ofEEC 9 USA Japan Other developed market economies OPEC Other developing market economies (percentages) 1961 1965 1969 1973 1978 1982a 1985a 12.7 10.7 8.6 7.0 7.0 6.2 33.9 34.5 35.0 38.2 37.1 37.4 17.9 16.3 15.5 12.4 11.5 10.5 5.0 6.9 8.3 9.4 11.5 12.3 13.2 14.0 15.3 14.9 14.3 14.2 0.9 0.4 0.2 0.3 0.7 0.5 4.1 4.9 6.0 7.2 8.2 9.3 12.3 12.3 11.1 10.6 9.7 9.6 5.9 37.8 9.6 13.0 14.1 0.5 10.1 9.0 4.6 5.7 8.0 6.1 7.6 10.1 1.5 2.1 3.4 1.8 1.5 2.2 10.1 12.6 13.9 15.4 13.7 15.6 10.7 11.1 12.6 11.7 14.2 18.3 13.0 15.8 19.3 4.0 4.5 5.5 3.0 2.4 2.9 16.0 15.4 17.2 18.3 26.6 28.5 13.7 14.7 15.9 21.5 22.0 6.4 3.8 18.5 29.6 16.8 US share of manufactured exports in major markets EEC 9 market Japan and other developed market economies OPEC market Other developing market economies 14 12 11 88 6 28 30 30 25 24 23 21 22 22 17 16 15 27 25 22 19 18 15 5 23 13 14 EEC 9 share of manufactured exports in major markets EEC 9 market US market Japan and other developed market economies OPEC market Other developing market economies 62 63 63 40 36 31 53 49 45 55 47 43 36 33 31 65 62 30 26 45 46 43 46 30 33 63 21 45 44 30 62 19 44 44 30 Japanese share of manufactured exports in major markets EEC 9 market US market Other developed market economies OPEC market Other developing market economies 12 2 33 5 5 14 20 20 20 25 26 26 3 4 5 78 9 9 9 11 12 16 18 19 20 10 14 18 21 22 24 25 Other developing market economies share of manufactured exports in major markets EEC 9 market US market Japan and other developed market economies OPEC market Other developing market economies 456 57 7 8 11 12 12 16 17 22 24 44 4 677 8 35 7 877 7 4 5 8 10 11 13 14 a Calculated on the basis of projection 2 (see text of appendix A). · 50 Table A2. Net exports offood, raw materials and fuel1961-1985 ($1975 billion) 1961 1965 1969 1973 1978 1982a 1985a Food and raw materials World price index relative to manufactures (1975 = 100) 92 91 79 116 94 98 101 Value of net exports United Kingdom Rest ofEEC 9 USA Japan Other developed market economies OPEC Other developing market economies Centrally planned economies -11.8 -11.5 0.4 - 5.1 10.9 3.6 14.9 - 1.4 -12.1 -10.7 -14.6 -15.1 - 1.6 - 0.5 - 6.5 - 9.6 - 12.4 13.1 2.6 1.1 18.8 20.7 - 2.2 1.1 - 11.2 18.9 10.9 19.0 18.9 0.4 20.9 2.0 - 7.9 15.6 6.3 16.4 16.4 5.1 24.4 2.0 - 6.8 17.4 14.0 21.0 17.8 8.6 24.3 2.3 - 5.4 19.5 21.3 25.3 19.0 11.4 23.9 2.6 Oil and other fuels World price index relative to manufactures (1975 = 100) 52 45 41 46 96 108 118 Volume of net exports United Kingdom Rest ofEEC 9 USA Japan Other developed market economies OPEC Other developing market economies Centrally planned economies - 3.8 - 5.8 - 7.6 - 8.8 - 3.5 0.5 1.0 - 5.9 -11.9 -19.9 - 35.9 - 35.9- 42.8 - 49.2 - 3.5 - 4.7 - 7.5 - 23.8 - 33.7 - 35.0 - 33.3 - 2.6 - 5.7 -11.8 - 22.5 - 24.4 - 29.9 - 35.4 - 4.6 - 7.7 - 9.5 - 11.2 - 14.9 - 16.6 - 18.2 20.3 37.3 60.3 109.9 113.1 128.2 142.5 - 2.1 - 5.1 - 9.2 14.6 12.0 - 16.4 - 20.4 2.4 3.7 5.1 6.9 11.3 12.1 13.0 Value of net exports ($197 5 bn) United Kingdom Rest ofEEC 9 USA Japan Other developed market economies OPEC Other developing market economies Centrally planned economies - 2.0 - 2.6 - 3.1 - 4.1 - 3.3 0.5 1.1 - 3.1 - 5.4 - 8.1 - 16.7 - 34.5 - 46.4 - 58.2 - 1.8 - 2.1 - 3.0 - 11.0 - 32.4 - 37.9 - 39.4 -- 1.4 - 2.6 - 4.8 -- 10.4 - 23.5 - 32.4 - 41.9 - 2.4 - 3.5 - 3.8 - 5.2 - 14.4 - 17.9 21.5 10.6 16.8 24.4 51.0 108.8 138.8 168.7 1.1 - 2.3 - 3.7 6.8 11.6- 17.8 - 24.1 1.2 1.7 2.1 3.2 10.9 13.1 15.4 a Calculated on the basis of projection 2 (see text of Appendix A). 51 Table A3. Historical summarya GNP (I 975=1 00) Manufactured exports Manufactured imports Net exports of primary commodities and net invisibles Current balance GNP (1975=100) Manufactured exports World USA Japan UK Rest ofEEC 9 Other developed market economies Subtotal 66b 76 44 82 68 64 69 1965 231 231 38 24 16 3 25 11 80 59 32 54 191 151 -6 -3 -11 -14 -19 13 34 -6 11 2 0 2 9 6 81b 351 89 54 69 29 89 30 83 123 79 54 83 290 OPEC Other developing market economies Subtotal Centrally planned economies World USA Japan UK Rest ofEEC 9 Other developed market economies Subtotal 45 59 56 ... 98b 102 100 103 100 96 100 1 11 11 43 12 54 28 26 1973 513 513 64 62 48 15 36 28 196 146 77 104 421 355 10 20 30 -3 12 7 -33 -12 --45 27 -56 0 -12 -12 -I 12 9 0 -4 5 0 10 58 1 72 21 69 22 . .. 39 114b 685 117 79 124 79 106 48 111 254 109 98 114 558 OPEC Other developing market economies Subtotal 86 89 88 1 37 38 Centrally planned economies . . . 54 a Components do not always sum exactly to totals due to rounding. 23 82 105 54 31 9 41 - 5 72 4 115 5 116 56 116 61 -3 -3 ... 66 b World total excluding centrally planned economies. ($1975 billion) Manufactured imports Net exports of primary commodities and net invisibles Current balance 1969 351 46 8 17 95 73 239 7 7 17 13 23 14 - 46 -7 1 4 0 5 5 5 14 12 -- 1 60 28 11 74 40 -12 38 1978 685 81 15 34 194 111 435 0 8 17 - 45 14 . 48 7 --117 -8 -19 19 0 12 6 6 65 67 7 112 43 -13 177 110 6 72 - 1 7 Table A4. Alternative projections 1982 and 1985a 1982 1. Severe US deflation World USA Japan UK Rest of EEC 9 Other developed market economies Subtotal GNP (1975=100) Manufactured exports Manufactured imports Net exports of primary commodities and net invisib1es Current balance 126b 114 157 114 125 123 123 888 888 - 12 -12 94 94 - 5 ~ 5 109 22 - 61 26 55 48 - 7 0 334 266 - 65 3 126 140 6 -8 718 570 -132 16 GNP (1975=100) Manufactured exports 134b 113 187 114 130 130 130 1028 101 134 61 388 145 829 OPEC Other developing market economies Subtotal Centrally planned economies 2. Moderate US deflation World USA Japan UK Rest ofEEC 9 Other developed market economies Subtotal 134 139 138 ... 133b 124 157 120 129 129 130 4 86 83 144 87 230 83 89 77 48 125 4 943 943 - 12 99 103 - 15 116 22 - 60 59 50 - 9 353 276 - 68 134 148 6 761 599 -146 -5 -13 -18 -10 -12 -19 34 0 9 -8 16 145 156 153 ... 146b 126 187 124 145 142 141 5 106 111 88 1155 Ill 150 68 436 163 928 OPEC Other developing market economies Subtotal 149 4 144 88 145 92 Centrally planned economies ... 90 a Components do not always run exactly to totals due to rounding. 95 86 - 5 173 6 150 49 -13 245 135 -18 166 117 168 123 100 0 -10 . .. 104 b World total excluding centrally planned economies. 1985 ($1975 billion) Manufactured imports Net exports of primary commodities and net invisibles Current balance 1028 109 29 55 314 159 666 100 170 270 92 - 13 3 - 76 -6 -72 6 -145 87 51 138 6 -13 -5 29 0 2 -8 18 -8 -13 21 --10 1155 122 29 61 354 175 741 119 182 301 113 -13 -8 - 76 -7 - 81 4 -168 105 52 157 -1 13 -19 45 0 -1 -8 18 .. 8 -13 -21 -10 I Table A4. continued GNP (1975=100) Manufactured exports 3. Non-discriminatory US restrictions on imports of manufactures World 137b 938 USA Japan UK Rest of EEC 9 Other developed market economies 137 99 157 114 119 58 129 353 128 131 Subtotal 135 755 OPEC Other developing market economies Subtotal Centrally planned economies 4. Planned trade World USA Japan UK Rest of EEC 9 Other developed market economies Subtotal 156 4 144 85 147 89 . . . 94 140b 972 137 105 157 96 123 61 134 370 134 140 137 772 OPEC Other developing market economies Subtotal 156 5 150 93 152 98 Centrally planned economies . . . 102 b Excluding centrally planned economies. 1982 Manufactured imports Net exports of primary commodities and net invisibles Current balance 938 - 12 88 - 30 22 - 62 50 - 8 276 - 69 -12 -19 30 0 8 146 7 581 -162 -8 12 102 98 0 150 52 -13 252 150 -13 105 1 -10 972 - 12 -12 85 - 28 22 - 62 51 - 10 287 - 73 -8 12 0 9 154 5 - 8 599 -168 5 102 104 6 156 50 -13 258 154 - 7 115 3 -10 GNP (1975=100) Manufactured exports 1985 ($1975 billion) Manufactured imports Net exports of primary commodities and net invisibles Current balance 156b 154 187 124 145 141 152 197 165 174 ... 1151 113 146 69 439 157 923 6 110 116 111 1151 89 29 61 352 173 704 139 181 320 126 -- 13 - 43 - 80 -8 - 86 8 ---207 131 58 189 5 -13 -19 37 0 1 8 12 -2 -13 -15 -10 162b 154 187 133 155 1240 126 112 75 479 1240 92 29 65 378 - 17 - 40 - 81 -9 - 95 -14 -5 2 0 8 154 179 191 3 8 157 971 755 -221 -- 4 197 6 139 146 13 180 132 199 51 --13 184 138 338 197 0 ... 131 148 7 10 Table A4. continued 1982 GNP (1975=100) Manufactured exports Manufactured imports Net exports of primary commodities and net invisibles 5. Extreme assumptions about changes in trends of market shares via dollar devaluation World 137b 984 984 - 12 USA Japan UK Rest of EEC 9 Other developed market economies 132 114 110 - 23 157 114 22 - 62 124 62 52 - 10 129 353 276 - 69 135 143 155 4 Subtotal 134 785 614 -160 Current balance -12 -19 30 0 8 -8 11 OPEC Other developing market economies Subtotal Centrally planned economies 6. Reflation led by EEC and Japan World USA Japan UK Rest ofEEC 9 Other developed market economies Subtotal 156 149 151 ... 138b 127 169 123 134 133 135 5 102 93 155 98 257 100 112 97 49 146 2 985 985 - 8 103 106 - 16 121 24 - 65 61 52 - 9 368 288 - 71 140 153 5 792 622 -156 0 -13 -13 -10 -8 -19 32 0 9 -8 14 OPEC Other developing market economies Subtotal 156 5 100 97 2 148 91 154 50 -13 150 96 254 147 -11 Centrally planned economies ... 96 107 1 -10 b World total excluding centrally planned economies. GNP (1975=100) Manufactured exports 1985 ($1975 billion) Manufactured imports Net exports of primary commodities and net invisibles Current balance 156b 142 187 133 145 155 150 197 177 182 . .. 1251 145 146 75 438 184 988 6 131 137 126 1251 138 29 66 352 192 777 139 195 334 141 - 13 - 26 - 80 -9 - 86 0 -200 132 51 183 5 -13 -19 37 0 1 8 11 -1 -13 -14 -10 157b 133 213 132 156 152 152 197 175 181 ... 1253 120 162 74 471 176 1004 6 126 132 117 1253 129 34 65 379 187 794 136 192 328 131 -- 13 - 10 - 87 -9 - 90 3 -194 123 53 176 4 -13 -19 41 0 2 8 16 -7 --13 20 -10  Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Appendix A Historical data and projections of world trade Creator An entity primarily responsible for making the resource Members of the CEPG Source A related resource from which the described resource is derived Cambridge Economic Policy Review Volume 5. pages 45 - 55 Date A point or period of time associated with an event in the lifecycle of the resource April 1979