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Economic Vulnerability And Economic Growth: Some Results From A Neo-Classical Growth Modelling Approach

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  • Gordon Cordina

    () (Department of Economics, University of Malta)

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    Abstract

    This paper incorporates economic vulnerability, defined as the increased proneness of certain economies to downside risks, within a neo-classical economic growth model to seek an explanation to the observation that a number of vulnerable economies enjoy high per capita output levels. Steady state results indicate that the more vulnerable economy would tend to have a higher per capita capital stock and output but a lower per capita consumption level, as resources are allocated to counteract vulnerability. Dynamic modelling results indicate that vulnerability reduces the speed of convergence between economies at different states of development.

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    File URL: http://www.jed.or.kr/full-text/29-2/Gordon.pdf
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    Bibliographic Info

    Article provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.

    Volume (Year): 29 (2004)
    Issue (Month): 2 (December)
    Pages: 21-39

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    Handle: RePEc:jed:journl:v:29:y:2004:i:2:p:21-39

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    Related research

    Keywords: Economic Vulnerability; Economic Growth; Economic Convergence; Small Economies;

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    1. Bosworth, B. & Collins, S.M. & Chen, Y.C., 1995. "Accounting for Differences in Economic Growth," Papers 115, Brookings Institution - Working Papers.
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    Cited by:
    1. Inayat Ullah Mangla, 2011. "Reconstructing the Performance of Pakistan’s Political Economy: Another Paradigm," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(Special E), pages 30-70, September.

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