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Seasonal Fluctuations And Economic Growth

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  • HERNANDO ZULETA

    ()
    (Universidad de los Andes, Colombia)

Abstract

The industrial revolution and the subsequent industrialization of the economies occurred first in temperate regions. We argue that this and the associated positive correlation between absolute latitude and GDP per capita are due to the fact that countries located far from the equator suffered more profound seasonal fluctuations in climate, namely stronger and longer winters. We propose a growth model of biased innovations that accounts for these facts and show that countries located in temperate regions were more likely to create or adopt capital-intensive modes of production. The intuition behind this result is that savings are used to smooth consumption; therefore, in places where output fluctuations are more profound, savings are bigger. Because the incentives to innovate depend on the relative supply factors, economies where savings are bigger are more likely to create or adopt capital-intensive technologies.

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Bibliographic Info

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

Volume (Year): 37 (2012)
Issue (Month): 4 (December)
Pages: 1-27

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Handle: RePEc:jed:journl:v:37:y:2012:i:4:p:1-27

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Keywords: Absolute Latitude; Seasons; Endogenous Growth; Capital Using Innovations;

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References

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  1. Joshua Aizenman & Brian Pinto & Artur Radziwill, 2004. "Sources for Financing Domestic Capital -- Is Foreign Saving a Viable Option for Developing Countries?," NBER Working Papers 10624, National Bureau of Economic Research, Inc.
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  15. Stanley L. Engerman & Kenneth Lee Sokoloff, 2002. "Factor Endowments, Inequality, and Paths of Development among New World Economies," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
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