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The international trade as the sole engine of growth for an economy

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Author Info

  • Carmen D. Álvarez-Albelo

    () (Departamento de Análisis Económico, Facultad de Ciencias Económicas, Universidad de La Laguna and CREB)

  • Antonio Manresa

    () (CREB, Universitat de Barcelona)

  • Monica Pigem-Vigo

    () (CREB, Universitat de Barcelona)

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    Abstract

    Can international trade act as the sole engine of growth for an economy? If yes, what are the mechanisms through which trade operates in transmitting permanent growth? This paper answers these questions with two simple two-country models, in which only one country enjoys sustained growth in autarky. The models differ in the assumptions on technical change, which is either labour- or capital-augmenting. In both cases, the stagnant economy imports growth by trading. In the first model, growth is transmitted because of permanent increases in the trade volume. In the alternative framework, the stagnant economy imports sustained growth because its terms of trade permanently improve.

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    File URL: http://www.pcb.ub.es/xreap/aplicacio/fitxers/XREAP2009-6.pdf
    File Function: First version, 2009
    Download Restriction: no
    File URL: http://www.pcb.ub.es/xreap/aplicacio/fitxers/XREAP2009-6.pdf
    File Function: Revised version, 2009
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    Bibliographic Info

    Paper provided by Xarxa de Referència en Economia Aplicada (XREAP) in its series Working Papers with number XREAP2009-06.

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    Length: 29 pages
    Date of creation: Jun 2009
    Date of revision: Jun 2009
    Handle: RePEc:xrp:wpaper:xreap2009-06

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    Postal: Espai de Recerca en Economia, Facultat de Ciències Econòmiques i Empresarials, Universitat de Barcelona, c/ Tinent Coronel Valenzuela, 1-11, 08034 Barcelona
    Phone: +34+934039653
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    Web page: http://www.pcb.ub.edu/xreap
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    Related research

    Keywords: international trade; stagnant economies; growth transmission; mechanisms of transmission.;

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