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We document the recent phenomenon of quot;uphillquot; flows of capital from nonindustrial to industrial countries and analyze whether this pattern of capital flows has hurt growth in nonindustrial economies that export capital. Surprisingly, we find that there is a positive correlation between...
Persistent link: https://www.econbiz.de/10012759675
In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. What...
Persistent link: https://www.econbiz.de/10012759771
productivity growth. However, while there is a vast empirical literature analyzing the impact of financial openness on output … growth, far less attention has been paid to its effects on productivity growth. We provide a comprehensive analysis of the … relationship between financial openness and total factor productivity (TFP) growth using an extensive dataset that includes various …
Persistent link: https://www.econbiz.de/10012758028
This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds...
Persistent link: https://www.econbiz.de/10013137242
In a general equilibrium product-cycle model, lower trade barriers increase Southern purchasing power, which lifts long-run growth by increasing the profit from innovation. In the short run, factors of production must be reallocated inside firms, which lowers the opportunity cost of innovation,...
Persistent link: https://www.econbiz.de/10013057413
has led many economists to believe that productivity growth in these economies, particularly in their manufacturing … productivity) gains from an outward orientation. This view fails to take into account the equally unusual rapid growth of both … envelope calculations to show that, as regards productivity growth in the aggregate economy and in manufacturing in particular …
Persistent link: https://www.econbiz.de/10013235880
This paper revisits the empirical evidence on the relationship between economic integration and economic growth. First, we present an updated dataset of openness indicators and trade liberalization dates for a wide cross-section of countries in the 1990s. Second, we extend the Sachs and Warner...
Persistent link: https://www.econbiz.de/10013236719
According to the Washington Consensus, developing countries? growth would benefit from a reduction in tariffs and other barriers to trade. But a backlash against this view now suggests that trade policies have little or no impact on growth. If quot;getting policies rightquot; is wrong or...
Persistent link: https://www.econbiz.de/10012758491
productivity and the other decreasing transportation costs, and in which agglomeration economies lead to persistence in urban … locations. In countries that developed early, structural transformation due to rising agricultural productivity began at a time …
Persistent link: https://www.econbiz.de/10012994896
We construct and calibrate a model of the world economy in which countries' opportunities to develop depend on their … world. As developing countries become advanced, they further improve the trade prospects for the remaining developing … relative to the transition rate, the world economy converges to widespread prosperity if and only if the proportion of the …
Persistent link: https://www.econbiz.de/10012781955