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Trade liberalisation and the composition of investment: theory and African application

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  • Paul Collier
  • Jan Willem Gunning

Abstract

Trade Liberalisation affects not only the aggregate level of investment but also its composition. We present evidence that African trade liberalisations have been associated with sharp shifts in the composition of investment: investment involving tradable capital goods (equipment) has fallen while investment involving non-tradable (structures) has boomed. The paper presents two models which can account for this compositional change. The combination of imperfect credibility of trade reform in Africa and the switch to structure which ( under full credibility ) is optimal in these models may explain the disappointing export response in African trade liberalisations.

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Bibliographic Info

Paper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 1996-04.

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Date of creation: 1996
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Handle: RePEc:csa:wpaper:1996-04

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Cited by:
  1. Alemayehu Geda, 2006. "Openness, Inequality and Poverty in Africa," Working Papers, United Nations, Department of Economics and Social Affairs 25, United Nations, Department of Economics and Social Affairs.

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