The authors formulate and estimate a two-sector model to assess the quantitative importance of cross-sector industry externalities. Econometric evidence indicates that significant externalities conferred by industry and manufacturing on the rest of the economy and, hence, underscores the importance of industrialization. Sensitivity tests demonstrate that this finding is robust. In keeping with some recent studies, the authors did not find evidence of such externalities generated by trade-policy variables such as export growth. Copyright 1994 by WWZ and Helbing & Lichtenhahn Verlag AG
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Article provided by Blackwell Publishing in its journal Kyklos.