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Common Market and Equilibrium Growth

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  • Cheng-te Lee

    ()
    (Department of International Trade, Chinese Culture University, Taiwan)

  • Chen Fang

    ()
    (Department of International Trade, Takming University of Science and Technology, Taiwan)

  • Kuo-hsing Kuo

    ()
    (Department of International Trade, Chinese Culture University, Taiwan)

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    Abstract

    We set up a two-sector equilibrium growth model with heterogeneous labor to analyze the impact of the creation of common market on the member countries' growth rate. We show that the economic integration will stimulate the backward country's economic growth. In addition, we prove that whether the economic integration can speed up the advanced country's economic growth or not depends on not only the average talent level of the backward country but also the size of the integrated-economy.

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    Bibliographic Info

    Article provided by AccessEcon in its journal Economics Bulletin.

    Volume (Year): 34 (2014)
    Issue (Month): 1 ()
    Pages: 480-493

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    Handle: RePEc:ebl:ecbull:eb-13-00353

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    Related research

    Keywords: diversity; talent distribution; common market; equilibrium growth;

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    References

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    1. Becker, Sascha O. & Egger, Peter & von Ehrlich, Maximilian, 2010. "Too much of a good thing? On the growth effects of the EU's regional policy," CEPR Discussion Papers 8043, C.E.P.R. Discussion Papers.
    2. Katsuya Takii & Ryuichi Tanaka, 2006. "Does the Diversity of Human Capital Increase GDP? A Comparison of Education Systems," Discussion Papers in Economics and Business 06-19, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
    3. Cheng-Te Lee & Deng-Shing Huang, 2014. "Human Capital Distribution, Growth And Trade," Bulletin of Economic Research, Wiley Blackwell, vol. 66(1), pages 45-54, 01.
    4. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 407-43, May.
    5. repec:cge:warwcg:69 is not listed on IDEAS
    6. Alwyn Young, 1998. "Growth without Scale Effects," Journal of Political Economy, University of Chicago Press, vol. 106(1), pages 41-63, February.
    7. Sergio T. Rebelo, 1990. "Long Run Policy Analysis and Long Run Growth," NBER Working Papers 3325, National Bureau of Economic Research, Inc.
    8. Haveman, J.D. & Lei, V. & Netz, J.S., 1998. "International Integration and Growth: a Survey and Empirical Investigation," Papers 98-003, Purdue University, Krannert School of Management - Center for International Business Education and Research (CIBER).
    9. Cheng-te Lee, 2009. "The Enlargement of an Integrated Economy and Growth," Economics Bulletin, AccessEcon, vol. 29(2), pages 1499-1509.
    10. Harald Badinger, 2005. "Growth Effects of Economic Integration: Evidence from the EU Member States," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 141(1), pages 50-78, April.
    11. Kremer, Michael, 1993. "The O-Ring Theory of Economic Development," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 551-75, August.
    12. Ethier, Wilfred J, 1982. "National and International Returns to Scale in the Modern Theory of International Trade," American Economic Review, American Economic Association, vol. 72(3), pages 389-405, June.
    13. Cheng-Te Lee & Shang-Fen Wu & Chen Fang, 2013. "Growth and the Enlargement of a Common Market," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(6), pages 3, December.
    14. Claire Economidou & Vivian Lei & Janet Netz, 2006. "International Integration and Growth: A Further Investigation on Developing Countries," International Advances in Economic Research, Springer, vol. 12(4), pages 435-448, November.
    15. Ethier, Wilfred, 1979. "Internationally decreasing costs and world trade," Journal of International Economics, Elsevier, vol. 9(1), pages 1-24, February.
    16. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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