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Endogenous Growth in a Dependent Economy with Traded and Nontraded Capital

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  • Turnovsky, Stephen J

Abstract

The equilibrium growth path for this economy depends upon the relative sectoral capital intensities of the two production functions. If the nontraded sector is relatively intensive in traded capital, both the relative price of nontraded output and the price of installed capital always remain at their respective steady-state levels. Traded capital and aggregate wealth are always on their respective steady-state growth paths. Nontraded capital undergoes transitional dynamics, ultimately converging to the growth rate of the traded capital and an equilibrium ratio of traded to nontraded capital. If the sectoral intensities are reversed, both asset prices will follow transitional adjustment paths. Copyright 1996 by Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of International Economics.

Volume (Year): 4 (1996)
Issue (Month): 3 (October)
Pages: 300-321

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Handle: RePEc:bla:reviec:v:4:y:1996:i:3:p:300-321

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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Cited by:
  1. Nicos Christodoulakis & Vassilis Sarantides, 2011. "External asymmetries in the euro area and the role of foreign direct investment," Working Papers 132, Bank of Greece.
  2. Stephen Turnovsky, 2000. "Growth in an Open Economy: Some Recent Developments," Discussion Papers in Economics at the University of Washington 0015, Department of Economics at the University of Washington.
  3. Carlos Esteban Posada P., 1997. "Otro Costo De Una Inflacion Perfectamente Prevista," BORRADORES DE ECONOMIA 003308, BANCO DE LA REPÚBLICA.
  4. Frederick van der Ploeg, 2011. "Natural Resources: Curse or Blessing?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 366-420, June.
  5. Meng, Qinglai, 2003. "Multiple transitional growth paths in endogenously growing open economies," Journal of Economic Theory, Elsevier, vol. 108(2), pages 365-376, February.
  6. van der Ploeg, Frederick, 2006. "Challenges and Opportunities for Resource Rich Economies," CEPR Discussion Papers 5688, C.E.P.R. Discussion Papers.
  7. Nicos Christodoulakis, 2008. "Ten years of EMU: Convergence, Divergence and New Policy Priorities," Research and Policy Notes 2008/01, Czech National Bank, Research Department.
  8. Brock, Philip L., 2011. "The Penn-Balassa-Samuelson effect through the lens of the dependent economy model," Journal of Economic Dynamics and Control, Elsevier, vol. 35(9), pages 1547-1556, September.
  9. Tse, Chung Yi & Leung, Charles Ka Yui, 2002. "Increasing Wealth and Increasing Instability: The Role of Collateral," Review of International Economics, Wiley Blackwell, vol. 10(1), pages 45-52, February.
  10. Shaw, Ming-Fu & Lai, Ching-Chong & Chang, Wen-Ya, 2005. "Anticipated policy and endogenous growth in a small open monetary economy," Journal of International Money and Finance, Elsevier, vol. 24(5), pages 719-743, September.
  11. Nikos Christodoulakis, 2009. "Ten years of EMU: convergence, divergence and new policy priorities," LSE Research Online Documents on Economics 23192, London School of Economics and Political Science, LSE Library.

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