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The Long-Run Effects of Structural Change and the Treatment of International Capital Accumulation, Mobility and Ownership

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Author Info
George Verikios
Kevin Hanslow

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Abstract

Taking a commonly-used and commonly-available trade policy model as our starting point, we examine the long-run effects of large-scale structural change with and without international capital accumulation, mobility and ownership. We demonstrate the relative merits and limitations of different treatments of international capital accumulation, mobility and ownership. In doing so, we present a treatment of international capital accumulation, mobility and ownership that gives policy analysts an approach to analysing the effects of large-scale structural policies that is not too heavy in its theoretical and data demands. Our findings support the work of Baldwin (1992) and others who have demonstrated that ignoring capital accumulation, mobility and ownership underestimates net output and welfare effects of large-scale structural change.

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Paper provided by Monash University, Centre of Policy Studies/IMPACT Centre in its series Centre of Policy Studies/IMPACT Centre Working Papers with number g-179.

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Date of creation: Jan 2009
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Handle: RePEc:cop:wpaper:g-179

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Related research
Keywords: computable general equilibrium models; capital accumulation; international capital mobility and ownership; structural change;

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Find related papers by JEL classification:
C68 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computable General Equilibrium Models
F15 - International Economics - - Trade - - - Economic Integration
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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  1. Hoekman, B. & Sauve, P., 1995. "Liberalizing Trade in Services," World Bank - Discussion Papers 243, World Bank.
  2. Nijkamp, Peter & Wang, Shunli & Kremers, Hans, 2005. "Modeling the impacts of international climate change policies in a CGE context: The use of the GTAP-E model," Economic Modelling, Elsevier, vol. 22(6), pages 955-974, December. [Downloadable!] (restricted)
  3. Anderson, Kym & Martin, Will & Valenzuela, Ernesto, 2006. "The relative importance of global agricultural subsidies and market access," World Trade Review, Cambridge University Press, vol. 5(03), pages 357-376, November. [Downloadable!]
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  4. Kym Anderson & Mari Pangestu, 1998. "Structural Changes in a Reforming World Economy: Implications for Indonesia," Bulletin of Indonesian Economic Studies, Taylor and Francis Journals, vol. 34(3), pages 85-113, December. [Downloadable!] (restricted)
  5. Smith, M. A. M., 1976. "Trade, growth and consumption in alternative models of capital accumulation," Journal of International Economics, Elsevier, vol. 6(4), pages 371-384, November. [Downloadable!] (restricted)
  6. Islam, Sulequl, 2003. "Expansions of the European Union and the NAFTA: Implications for New and Non-Member countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 3(2). [Downloadable!]
  7. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Baldwin, Richard E, 1992. "Measurable Dynamic Gains from Trade," Journal of Political Economy, University of Chicago Press, vol. 100(1), pages 162-74, February. [Downloadable!] (restricted)
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  9. Marco Fugazza & David Vanzetti, 2008. "A South-South Survival Strategy: The Potential for Trade among Developing Countries," The World Economy, Blackwell Publishing, vol. 31(5), pages 663-684, 05. [Downloadable!] (restricted)
  10. Harrison, W Jill & Pearson, K R, 1996. "Computing Solutions for Large General Equilibrium Models Using GEMPACK," Computational Economics, Springer, vol. 9(2), pages 83-127, May.
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  11. Walmsley, Terrie L., 2002. "Incorporating international ownership of endowments into a global applied general equilibrium model," Economic Modelling, Elsevier, vol. 19(5), pages 679-707, November. [Downloadable!] (restricted)
  12. Ianchovichina, Elena & Robert McDougall, 2000. "Theoretical Structure of Dynamic GTAP," GTAP Technical Papers 480, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University. [Downloadable!]
  13. Adams, Philip D., 2005. "Interpretation of results from CGE models such as GTAP," Journal of Policy Modeling, Elsevier, vol. 27(8), pages 941-959, November. [Downloadable!] (restricted)
  14. Brockmeier, Martina & Pelikan, Janine, 2008. "Agricultural market access: A moving target in the WTO negotiations?," Food Policy, Elsevier, vol. 33(3), pages 250-259, June. [Downloadable!] (restricted)
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