Trade, growth and consumption in alternative models of capital accumulation

Smith, Marisol

doi:10.1016/0022-1996(76)90037-4

Cited by 20 publications

(3 citation statements)

References 23 publications

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“…However, though Burkina Faso is ranked relatively high in terms of public sector corruption their growth performance was encouraging as compared to other highly rated corrupt West African States. Literature review Bhagwati, 1958aBhagwati, & 1958bJohnson , 1967;Deardorff, 1973;Smith ,1976;and Samuelson, 1975). The main argument of the theory of immiserizing growth is centered or the idea that an open economy experiencing an expansion in its productive capacity (resulting either from economic growth or technological progress) can become worse off if its terms of trade deteriorate sufficiently and offset the beneficial effects of economic growth.…”

Section: Review Of the Theoretical Literaturementioning

confidence: 99%

Natural Resources Endowment and Economic Growth: The West African Experience

Jalloh¹

2011

J. nat. resour. dev.

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This study aims at investigating the nexus between natural resource endowment and economic growth using a sample of West African countries. The study adopted a Barrow-type growth model to analyse the impact of natural resource wealth on economic growth. A dynamic panel estimation technique was employed using relevant data from West African Countries. The results from the panel regressions indicate that natural resource endowments have very minimal impact in terms of promoting economic growth in West Africa, more so in resource rich countries. In terms of relative effects, the results indicate that a 10% increase in natural resource export reduces growth in income per capita by approximately 0.4%. Part of the factors explaining this finding amongst others; include high corruption in the public sector as well as the frequency of civil conflicts in resource rich economies of West Africa. For the natural resources of the region to fully benefit its citizens, these countries require , urgently, to improve management of natural resource export revenues and to apply effective policy measures to eradicate/ mitigate incidences of rampant corruption in the public sector. Natural resource endowments Economic growth Dynamic panel Corruption

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Section: Review Of the Theoretical Literaturementioning

confidence: 99%

Natural Resources Endowment and Economic Growth: The West African Experience

Jalloh¹

2011

J. nat. resour. dev.

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“…Others who have also explored this issue areSmith (1976Smith ( , 1977 andSrinivasan and Bhagwati (1980). 2 Another commonly-used global model isG-Cubed (McKibbin & Wilcoxen, 1999).…”

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The Long-run Effects of Structural Change and the Treatment of International Capital Accumulation, Mobility and Ownership

Verikios

Hanslow²

2009

Global Economic Review

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Taking a commonly-used and commonly-available trade policy model as our starting point, we examine the long-run effects of large-scale structural change with and without international capital accumulation, mobility and ownership. We demonstrate the relative merits and limitations of different treatments of international capital accumulation, mobility and ownership. In doing so, we present a treatment of international capital accumulation, mobility and ownership that gives policy analysts an approach to analysing the effects of large-scale structural policies that is not too heavy in its theoretical and data demands. Our findings support the work of Baldwin and others who have demonstrated that ignoring capital accumulation, mobility and ownership underestimates net output and welfare effects of large-scale structural change.Computable general equilibrium models, capital accumulation, international capital mobility and ownership, structural change,

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“…This observation is sometimes referred to as "Markusen's law. "2 Accumulation effects of trade policy have been explored by, among others,Samuelson (1975);Smith (1976Smith ( , 1977; andSrinivasan and Bhagwati (1980);Baldwin (1989Baldwin ( , 1992;Baldwin and Venables (1995); and.3 It should be noted that the medium-run effects are qualitatively different from long-run effects arising from dynamic externalities. For an exposition of the more recent literature on endogenous linkages between trade policy, investment, and steady-state growth, see, for instance, Helpman (1991, 1995).…”

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Trade liberalization and investment in a multilateral framework

François¹,

McDonald²,

Nordström³

et al.

Dynamic Issues in Applied Commercial Policy Analysis

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Trade Liberalization and Investment in a Multilateral Framework This paper explores trade policy and investment linkages in a multicountry framework. This is done under alternative steady-state closure rules linking trade to consumption, production, and investment, and emphasizing the general equilibrium nature of capital accumulation mechanisms. When policy shocks are capital friendly, induced investment may be greater than suggested by current savings rates. As a result, multiplier-type analysis can be very misleading. The importance and direction of this magnification hinges critically on the sensitivity of savings rates with respect to real returns. As illustration, we offer a numerical assessment of the Uruguay Round, highlighting such linkages.

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Trade, growth and consumption in alternative models of capital accumulation

Cited by 20 publications

References 23 publications

Natural Resources Endowment and Economic Growth: The West African Experience

Natural Resources Endowment and Economic Growth: The West African Experience

The Long-run Effects of Structural Change and the Treatment of International Capital Accumulation, Mobility and Ownership

Trade liberalization and investment in a multilateral framework

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