Complementarity, growth, and trade
AbstractWe consider an endogenous growth model with international trade in complementary capital goods. The model possesses several distinct, balanced growth solutions, which we classify using stability under adaptive learning. Some of the equilibria can involve growth rates much higher than others. We show that, in addition to a small (usually positive) effect on a given equilibrium, an expansion in trade may sometimes yield a much larger, sudden jump in growth. The small effect on the initial equilibrium may reduce growth if the opportunity cost of capital rises very fast as growth accelerates.
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Bibliographic InfoArticle provided by Canadian Economics Association in its journal Canadian Journal of Economics.
Volume (Year): 35 (2002)
Issue (Month): 3 (August)
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Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4
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Other versions of this item:
- Honkapohja, S. & Turunen-Red, A., 1999. "Complementarity, Growth and Trade," University of Helsinki, Department of Economics, Department of Economics 461, Department of Economics.
- Honkapohja, Seppo & Turunen-Red, Arja, 1999. "Complementarity, Growth and Trade," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2234, C.E.P.R. Discussion Papers.
- F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
- F15 - International Economics - - Trade - - - Economic Integration
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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- Christine Mutz & Thomas Ziesemer, 2008.
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- Honkapohja , Seppo & Turunen, Arja H & Woodland, Alan D, 2011.
"Growth, expectations and tariffs,"
Research Discussion Papers, Bank of Finland
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- Honkapohja, Seppo & Turunen-Red, Arja H., 2004.
"Gains and losses from tax competition with migration,"
Working Papers, University of New Orleans, Department of Economics and Finance
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- Honkapohja ,S. & Turunen-Red, A., 2004. "Gains and Losses from Tax Competition with Migration," Cambridge Working Papers in Economics 0416, Faculty of Economics, University of Cambridge.
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