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Regimes of Growth and Economic Integration. Why Poor Countries Cannot Join the "Club" of the Rich?

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Author Info
Trofimov Georgy ()
Abstract

The author argues that different regimes of growth experienced by rich and poor economies create barriers to global economic integration through the world capital market. The lack of capital flows from rich to poor countries is explained by the heterogeneity of these countries in terms of the engine of growth. The pattern of integration is determined for an open economy by its initial ratio of knowledge to assets: if it is high, the economy is booming, otherwise it grows gradually. This is an implication of the comparative advantage principle: a capital-scarce country attracts new investment at the initial stage of integration, while a capital-redundant country exports capital at this stage.

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Publisher Info
Paper provided by EERC Research Network, Russia and CIS in its series EERC Working Paper Series with number 03-03e.

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Length: 52 pages
Date of creation: 07 Jul 2003
Date of revision:
Handle: RePEc:eer:wpalle:03-03e

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Related research
Keywords: Russia; economic growth; integration; international capital market; club convergence;

Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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