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International Migration, Capital Mobility and Transitional Dynamics

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Author Info
Baldwin, Richard
Venables, Anthony J

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Abstract

The authors study interactions between goods trade and international factor mobility in a context suggestive of transition in Central and Eastern Europe. If complementarities between skilled labor and capital are strong--e.g., owing to externalities between skilled labor and costs of absorbing capital inflow--then there are multiple rational expectations equilibria. The 'virtuous' transition path has capital inflow and little emigration; the 'vicious' path involves significant emigration and little capital inflow. The equilibrium transition path is not socially optimal even absent externalities. Externalities associated with skilled labor increase the case for intervention; policy should be used to delete the vicious equilibrium. Copyright 1994 by The London School of Economics and Political Science.

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 61 (1994)
Issue (Month): 243 (August)
Pages: 285-300
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Handle: RePEc:bla:econom:v:61:y:1994:i:243:p:285-300

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  1. Gianmarco Ottaviano, 1995. "A Geographic Approach to International Economics: 'Strategic Trade Policy'?" -," Working Papers 216, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
  2. Didier LAUSSEL & Philippe MICHEL & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model," Discussion Papers (REL - Recherches Economiques de Louvain) 2004023, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES). [Downloadable!]
  3. Artjoms Ivlevs, 2006. "Migration and Foreign Direct Investment in the Globalization Context: the Case of a Small Open Economy," Development Working Papers 209, Centro Studi Luca d\'Agliano, University of Milano. [Downloadable!]
  4. John F. Helliwell, 2004. "Demographic Changes and International Factor Mobility," NBER Working Papers 10945, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Didier Laussel & Philippe Michel & Thierry Paul, 2004. "Intersectoral adjustment and unemployment in a two-country Ricardian model. Une approche par la méthode événementielle," Recherches économiques de Louvain, De Boeck Université, vol. 70(2), pages 169-192. [Downloadable!]
  6. Barba Navaretti, Giorgio & Bertola, Giuseppe & Sembenelli, Alessandro, 2008. "Offshoring and Immigrant Employment: Firm-level Theory and Evidence," CEPR Discussion Papers 6743, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Schiff, Maurice, 1999. "Trade, migration, and welfare : the impact of social capital," Policy Research Working Paper Series 2044, The World Bank. [Downloadable!]
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