How Could the South Respond to Secular Stagnation in the North?

Mayer, Joerg

doi:10.1111/twec.12389

Cited by 6 publications

(3 citation statements)

References 35 publications

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“…The concept of the BOPE growth rate was put forward by Thirlwall (1979), and has given rise to a large theoretical and empirical literature (e.g., Guarini and Porcile 2016, Lanzafame 2014, Mayer 2017). Thirlwall's (1979) model is based on the idea that, in the long run, countries cannot run current account deficits, hence their current account needs to be in balance.…”

Section: The Balance-of-payments Equilibrium Growth Rate Modelmentioning

confidence: 99%

The PRC�s Long-Run Growth through the Lens of the Export-Led Growth Model

Felipe¹,

Lanzafame²

2018

ADB Economics Working Paper Series

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The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area, or by using the term "country" in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

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Section: The Balance-of-payments Equilibrium Growth Rate Modelmentioning

confidence: 99%

The PRC�s Long-Run Growth through the Lens of the Export-Led Growth Model

Felipe¹,

Lanzafame²

2018

ADB Economics Working Paper Series

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“…How might sectoral structures evolve in the future, and what are the implications for policies to accelerate development? The trajectory of the world economy is now particularly uncertain, because of political turbulence, controversy over decarbonization and robotization (Ford 2015), and concern about secular stagnation (Mayer 2016). HO theory, however, offers a framework for analysis in which sectoral structure depends on only three things: variation among countries in endowments of immobile factors (skill, land, and labour); variation among goods in immobilefactor intensities; and the height of barriers to international transactions.…”

Section: Prospects and Policy Optionsmentioning

confidence: 99%

Variation in structural change around the world, 1985–2015: Patterns, causes and implications

Wood¹

2017

WIDER Working Paper

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During 1985During -2015 intensified the factor-endowment-related pattern of sectoral specialization. In skill-abundant developed countries, manufacturing became more skillintensive. In land-scarce developing East Asia, labour-intensive manufacturing expanded, especially in China. In land-abundant developing regions, however, manufacturing stagnated or declined, while in land-scarce South Asia manufacturing was held back by low literacy and weak infrastructure. The shares of service sectors in output and employment increased in most countries, but mainly for reasons unrelated to globalization. Changes in sectoral structure in the decades ahead are subject to much uncertainty, but will continue to be shaped by differences among countries in land abundance and skill supplies.

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“…The trajectory of the world economy is now particularly uncertain, because of political turbulence, controversy over decarbonization and robotization (Ford 2015), and concern about secular stagnation (Mayer 2016). HO theory, however, offers a framework for analysis in which sectoral structure depends on only three things: variation among countries in endowments of immobile factors (skill, land, and labour); variation among goods in immobilefactor intensities; and the height of barriers to international transactions.…”

mentioning

confidence: 99%

Variation in Structural Change Around the World, 198552015: Patterns, Causes and Implications

Wood

2017

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The United Nations University World Institute for Development Economics Research provides economic analysis and policy advice with the aim of promoting sustainable and equitable development. The Institute began operations in 1985 in Helsinki, Finland, as the first research and training centre of the United Nations University. Today it is a unique blend of think tank, research institute, and UN agency-providing a range of services from policy advice to governments as well as freely available original research. Terms of use: Documents inThe Institute is funded through income from an endowment fund with additional contributions to its work programme from Denmark, Finland, Sweden, and the United Kingdom. Katajanokanlaituri 6 B, 00160 Helsinki, FinlandThe views expressed in this paper are those of the author(s), and do not necessarily reflect the views of the Institute or the United Nations University, nor the programme/project donors. During 1985During -2015, globalization intensified the factor-endowment-related pattern of sectoral specialization. In skill-abundant developed countries, manufacturing became more skillintensive. In land-scarce developing East Asia, labour-intensive manufacturing expanded, especially in China. In land-abundant developing regions, however, manufacturing stagnated or declined, while in land-scarce South Asia manufacturing was held back by low literacy and weak infrastructure. The shares of service sectors in output and employment increased in most countries, but mainly for reasons unrelated to globalization. Changes in sectoral structure in the decades ahead are subject to much uncertainty, but will continue to be shaped by differences among countries in land abundance and skill supplies. Abstract:

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How Could the South Respond to Secular Stagnation in the North?

Cited by 6 publications

References 35 publications

The PRC�s Long-Run Growth through the Lens of the Export-Led Growth Model

The PRC�s Long-Run Growth through the Lens of the Export-Led Growth Model

Variation in structural change around the world, 1985–2015: Patterns, causes and implications

Variation in Structural Change Around the World, 198552015: Patterns, Causes and Implications

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