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Direct investment, rising real wages and the absorption of excess labor in the periphery

Author Info

Listed author(s):
  • Michael P. Dooley
  • David Folkerts-Landau
  • Peter M. Garber

Abstract

This paper sets out the political economy behind Asian governments' participation in a revived Bretton Woods System. The overriding problem for these governments is to rapidly integrate a large pool of underemployed labor into the industrial sector. The principal constraints are inefficient domestic resource and capital markets, and resistance to import penetration by labor in industrial countries. The system has evolved to overcome these constraints through export led growth and growth of foreign direct investment. Periphery governments' objectives for the scale and composition of gross trade in goods and financial assets may dominate more conventional concerns about international capital flows.

(This abstract was borrowed from another version of this item.)

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File URL: http://www.frbsf.org/economics/conferences/0502/w10626.pdf
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Article provided by Federal Reserve Bank of San Francisco in its journal Proceedings.

Volume (Year): (2005)
Issue (Month): Feb ()
Pages:

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Handle: RePEc:fip:fedfpr:y:2005:i:feb:x:11
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Keywords: Investments; Foreign ; Economic development - Pacific Basin;

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Find related papers by JEL classification:
  • F02 - International Economics - - General - - - International Economic Order and Integration
  • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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  1. Boyreau-Debray, Genevieve & Wei, Shang-Jin, 2004. "Pitfalls of a State-Dominated Financial System: The Case of China," CEPR Discussion Papers 4471, C.E.P.R. Discussion Papers.
  2. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb.
  3. Eswar Prasad & Shang-Jin Wei, 2007. "The Chinese Approach to Capital Inflows: Patterns and Possible Explanations," NBER Chapters,in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, pages 421-480 National Bureau of Economic Research, Inc.
  4. Razin, Assaf & Sadka, Efraim, 2003. "Gains from FDI inflows with incomplete information," Economics Letters, Elsevier, vol. 78(1), pages 71-77, January.
  5. Devarajan, Shantayanan & Fisher, Anthony C, 1981. "Hotelling's "Economics of Exhaustible Resources": Fifty Years Later," Journal of Economic Literature, American Economic Association, vol. 19(1), pages 65-73, March.
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