Economic Growth with Foreign Capital
Abstract
In growth theory, foreign investment places a small open economy in the international steady state. In applied growth theory, foreign investment is assumed to shift technology. The present growth model separates foreign from domestic capital and develops the steady state where both capital/labor ratios are stationary. A capital scarce country would attract foreign investment and may arrive at a steady state with perpetual foreign investment. Such a steady state foreign investment host is characterized by low saving and high labor growth rates, and source countries the opposite. Incomplete convergence characterizes economic growth with foreign capital. Copyright � 2008 The Author. Journal compilation � 2008 Blackwell Publishing Ltd.Download Info
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Bibliographic Info
Article provided by Wiley Blackwell in its journal Review of Development Economics.
Volume (Year): 12 (2008)
Issue (Month): 4 (November)
Pages: 694-701
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Valentina HARTARSKA & Henry THOMPSON, 2008. "Foreign Investment and Transition in Central/Eastern Europe along the Phase Curve," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 8(2), pages 67-78.
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