本文擬建構一個兩部門內生性成長的跨期疊代模型，分析貿易條件和長期成長率之間的關係。我們發現在一個小型開放的經濟體系中，只要自給自足長期均衡的相對價格與世界相對價格不同時，則會出口具有比較利益的財貨。然而，貿易條件與長期成長率的關係會受到貿易型態的影響。換言之，經濟體系若專業化生產投資財，則長期成長率不受貿易條件的影響；若專業化生產消費財，則貿易條件改善會增加長期成長率。
This paper analyzes the relationship between the terms of trade and the steady state growth rate in a two-sector overlapping-generations model with endogenous growth. We find that as long as its autarky steady state price differs from the world price, a small open-economy will export the goods with comparative advantage. The impact of the terms of trade on the steady state growth rate depends on the trade patterns. Namely, if a small open economy specializes in a capital commodity, the steady state growth rate is unaffected by the terms of trade. If it specializes in a consumption commodity, the steady state growth rate is positively correlated with improvements in the terms of trade.
