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Rich, Poor and Growth-Miracle Nations: Multiple Equilibria Revisited

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Author Info
Dmytro Kylymnyuk (University of Toulouse)
Lilia Maliar (Universidad de Alicante)
Serguei Maliar (Universidad de Alicante)

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Abstract

This paper presents a two-sector growth model of international trade that can account for the key features of the postwar world development experience. Two sectors represent traditional primitive production and modern sophisticated production. Due to increasing returns in the modern sector, the open-economy version of our model gives rise to three different equilibria: one in which the country produces only primitive goods and converges to a low-income steady state; another in which it produces both primitive and sophisticated goods and converges to the world-average steady state; and a third in which it specializes in the production of sophisticated goods and converges to a balanced growth path. We argue that the development experiences of poor, rich and growth-miracle countries are well described by these three equilibria.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Topics in Macroeconomics.

Volume (Year): 7 (2007)
Issue (Month): 1 ()
Pages: 1482-1482
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Handle: RePEc:bep:mactop:v:7:y:2007:i:1:p:1482-1482

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Related research
Keywords: international trade small-open economy multiple equilibria poverty trap growth miracles coordination problem

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Find related papers by JEL classification:
C00 - Mathematical and Quantitative Methods - - General - - - General

References listed on IDEAS
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    Other versions:
    • Paul Romer & George Evans & Seppo Hokapohja, . "Growth Cycles," Home Pages _001, Stanford University. [Downloadable!]
    • George Evans & Seppo Honkapohja & Paul Romer, 1996. "Growth Cycles," NBER Working Papers 5659, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Fidel Pérez Sebastián & Lilia Maliar & Serguei Maliar, 2005. "Sovereign Risk, Fdi Spillovers, And Economic Growth," Working Papers. Serie AD 2005-27, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  15. Kemp, Murray C & Schweinberger, Albert G, 1991. "Variable Returns to Scale, Non-uniqueness of Equilibrium and the Gains from International Trade," Review of Economic Studies, Blackwell Publishing, vol. 58(4), pages 807-16, July. [Downloadable!] (restricted)
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  18. Lilia Maliar & Serguei Maliar, 2003. "The Representative Consumer in the Neoclassical Growth Model with Idiosyncratic Shocks," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(2), pages 368-380, April. [Downloadable!] (restricted)
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