Economic Vulnerability And Economic Growth: Some Results From A Neo-Classical Growth Modelling Approach
AbstractThis 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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Bibliographic InfoArticle provided by Chung-Ang Unviersity, Department of Economics in its journal Journal Of Economic Development.
Volume (Year): 29 (2004)
Issue (Month): 2 (December)
Economic Vulnerability; Economic Growth; Economic Convergence; Small Economies;
Find related papers by JEL classification:
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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