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Author: Partha Sen Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Outward-oriented economies seem to grow faster than inward-looking ones. Does the literature on convergence have anything to say on this? In the dynamic Heckscher-Ohlin-Samuelson model, with factor-price equalization, there is no convergence of incomes. This is because with identical preferences and return to capital, irrespective of initial levels, the growth rates of consumption are the same. In the specific factors' model, there is factor-price equalization in the long run, but incomes depend on endowments of non-accumulable factors. Different specifications for the intersectorally mobile factors have different implications for development (as well as convergence).
Author: Partha Sen Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Outward-oriented economies seem to grow faster than inward-looking ones. Does the literature on convergence have anything to say on this? In the dynamic Heckscher-Ohlin-Samuelson model, with factor-price equalization, there is no convergence of incomes. This is because with identical preferences and return to capital, irrespective of initial levels, the growth rates of consumption are the same. In the specific factors' model, there is factor-price equalization in the long run, but incomes depend on endowments of non-accumulable factors. Different specifications for the intersectorally mobile factors have different implications for development (as well as convergence).
Author: Stephen J. Turnovsky Publisher: Cambridge University Press ISBN: 9780521187527 Category : Business & Economics Languages : en Pages : 254
Book Description
Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.
Author: Publisher: ISBN: 9789639588806 Category : Languages : en Pages :
Book Description
This paper develops a flexible price, twosector nominal growth model, in order to study the nominal aspects of capital accumulation (convergence). We adopt a classical model of a small open economy with traded and nontraded goods, and enrich its structure with gradual investment and a preference for real money holdings. This latter is motivated by the fact that a large fraction of less developed OECD country (in particular: new EU members) households' assets are local currency bank deposits. The modelling framework gives the following results: (1) the flexibility of the monetary regime (whether money or the exchange rate is allowed to fluctuate freely) matters; (2) under imperfect floating (like in a currency board), the level of the exchange rate has a mediumrun impact on nominal and real variables but no longrun real effect; (3) along the real equilibrium path (which can be implemented by flexible exchange rates), capital accumulation implies an increase in the price of nontradables (a real appreciation); (4) under flexible exchange rates, capital accumulation also implies a nominal appreciation. twosector growth model ; household portfolios ; qtheory ; real effects of nominal shocks ; equilibrium real exchange rates
Author: G. C. Ruggeri Publisher: Fredericton : Department of Economics, University of New Brunswick ISBN: Category : Economics Languages : en Pages : 24
Author: Partha Sen
Author: Partha Sen
Author: Stephen J. Turnovsky
Author: Matt Benge
Author: Stephen J. Turnovsky
Author: 
Author: Danny Quah
Author: G. C. Ruggeri
Author: Ross Milbourne
Author: Vladimir Klyuev
Author: Gaetano Antinolfi