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A Model of Structural Change and Openness: applications to the Argentine economy

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Author Info
JORGE BUZAGLO
Abstract

This paper describes a dynamic, multisectoral model of a less developed economy in which investment and income distribution policies influence structural change and the pattern of trade. That is, the model considers a Keynesian 'socialised investment' function and distributional policies that, by their effect on demand, could be also described as Keynesian. The model is used to analyse the effects of different policy regimes in the Argentine economy. In an environment characterised by enduring stagnation, investment policies aimed at increasing the degree of economic autonomy and self-sufficiency do not succeed in significantly changing output and trade patterns, and in reducing the degree of openness of the economy. From a long term perspective, however, stagnation is not necessarily a permanent condition. A new environment of higher growth could evolve from the consolidation of a new technological paradigm and the emergence of new socioeconomic norms and mechanisms. In an environment of lower uncertainty and higher efficacy of the investment, model simulation shows that investment policy is quite successful in augmenting the degree of autonomy and self-sufficiency of the economy. Also, income redistribution has a positive impact on income and welfare growth.

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Article provided by Taylor and Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 13 (1999)
Issue (Month): 1 (January)
Pages: 87-109
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Handle: RePEc:taf:irapec:v:13:y:1999:i:1:p:87-109

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Lluch, Constantino, 1973. "The extended linear expenditure system," European Economic Review, Elsevier, vol. 4(1), pages 21-32, April. [Downloadable!] (restricted)
  2. Fields, Gary S, 1989. "Changes in Poverty and Inequality in Developing Countries," World Bank Research Observer, Oxford University Press, vol. 4(2), pages 167-85, July.
  3. de Janvry, Alain & Sadoulet, Elisabeth, 1989. "Investment strategies to combat rural poverty: A proposal for Latin America," World Development, Elsevier, vol. 17(8), pages 1203-1221, August. [Downloadable!] (restricted)
  4. Harris, Laurence, 1996. "Keynesian Policy in Disarticulated Economies," International Review of Applied Economics, Taylor and Francis Journals, vol. 10(1), pages 157-61, January.
  5. Streeten, Paul, 1991. "Global prospects in an interdependent world," World Development, Elsevier, vol. 19(1), pages 123-133, January. [Downloadable!] (restricted)
  6. Adelman, Irma, 1984. "Beyond export-led growth," World Development, Elsevier, vol. 12(9), pages 937-949, September. [Downloadable!] (restricted)
  7. Dutt, Amitava Krishna, 1996. "The Role of Keynesian Policies in Semi-industrialized Countries: Theory and Evidence from India," International Review of Applied Economics, Taylor and Francis Journals, vol. 10(1), pages 127-40, January.
  8. Reati, Angelo, 1992. "Are We at the Eve of a New Long-Term Expansion Induced by Technological Change?," International Review of Applied Economics, Taylor and Francis Journals, vol. 6(3), pages 249-85.
  9. Daly, Herman E, 1995. "Against Free Trade: Neoclassical and Steady-State Perspectives," Journal of Evolutionary Economics, Springer, vol. 5(3), pages 313-26, September.
  10. Stiglitz, Joseph E & Uy, Marilou, 1996. "Financial Markets, Public Policy, and the East Asian Miracle," World Bank Research Observer, Oxford University Press, vol. 11(2), pages 249-76, August.
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