This paper examines the effects of tourism in a dynamic model of trade on unemployment, capital accumulation and resident welfare. A tourism boom improves the terms of trade, increases labor employment, but lowers capital accumulation. The reduction in the capital stock depends on the degree of...

This book examines the intricate relationship among trade and investment policies, as well as environmental regulations, especially for developing economies. Trade liberalization via tariff reduction and market reforms has contributed significantly to the growth of the world economy....