本文主要目的在於研究通貨膨脹對於國際貿易的影響，身處於海島國家的我們，國際貿易一直是大家所關心的議題，然而通貨膨脹在國際貿易中也有著舉足輕重的影響力；通常當一國的通貨膨脹攀升會對其出口不利，相反的會使得進口的成本下降，因此通貨膨脹的變動能使一國的國際貿易進出口數量改變，甚至使得一國的貿易型態改變。 本文在一個小型開放經濟體架構下，使用與現實較相符合的Heckscher-Ohlin模型做為生產技術的設定，而貨幣則用預付現金交易限制式引入經濟體系去探討可完全預期的通貨膨脹對國際貿易的影響，分別探討僅消費財須使用現金購買以及消費財與資本皆須使用現金購買兩種情況；而最終可發現當只有兩消費財貨須使用現金購買而且須使用現金的比例介於０到１之間時，若進口財使用現金的比例高於出口財時，通貨膨脹發生時將使得進口財購買的機會成本相對較高，因而使進口財國內需求減少，相反地，出口財國內需求提高或造成會使得進出口量都減少，如此一來不僅總貿易量減少，若通貨膨脹持續發生甚至可能使得貿易型態反轉，即原本的進口財改變為出口財，原本的出口財改變為進口財。 若將資本也納入預付現金交易式中，唯一能確定的是通貨膨脹會對資本累積產生負向影響，但在通貨膨脹對兩財貨需求的影響，就無法確切得知，這是因為兩財貨皆須使用現金交易，通貨膨脹對兩財貨所產生的機會成本相同，所以無兩者之間的替代效果，再者兩消費財皆須使用資本與勞動兩要素來進行生產，其中第一部門的生產除了可供消費之外還可以供資本累積，使得資本在此扮演角色較為複雜，因此要由各部門的資本勞動比及平均勞動生產力的大小來判斷。 International trade issues have been discussed for years, people who live in an island country which heavily relies on international trade especially can’t ignore this great issues. This paper presents a dynamic Heckscher-Ohlin model with money introduced through a cash-in-advance constraint. Two types of consumption goods are produced, and two types of factors—labor and capital—are used. The cash-in-advance constraint is imposed on different sets of goods. We find that the when constraint is imposed exclusive of the investment, inflation affects the pattern and volume of trade through a commodity-substitution effect. In addition, the steady-state level of total capital can be influenced by inflation if the capital intensities and the requirements in both sectors differ, leading to Tobin effects or reversed Tobin effects. In this case, if the economy initially imports the cash-intensive good and exports the less cash-intensive good, it’ll import and export less of both goods as the inflation rate increases, that is, trade volume will decrease. With still higher inflation, it’ll eventually lead the original pattern of trade to reverse. When the constraint is imposed inclusive of the investment, inflation may affect the pattern of trade through both the commodity-substitution effect and the factor-supply effect. In this case, higher inflation unambiguously reduces capital accumulation and leads to a reversed Tobin effect.
