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Capital Accumulation and Economic Growth in a Small Open Economy

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  • Turnovsky,Stephen J.

Abstract

Economic growth is an issue of primary concern to policy makers in both developed and developing economies. As a consequence, growth theory has long occupied a central role in economics. In this book, renowned growth theorist Stephen J. Turnovsky investigates the process of economic growth in a small open economy, showing that it is sensitive to the productive structure of the economy. The book comprises three parts, beginning with models where the only intertemporally viable equilibrium is one in which the economy is always on its balanced growth path. Empirical evidence suggests relatively slow speeds of convergence so the second part of the book looks at several alternative ways in which transitional dynamics may be introduced. In the third and final part, the author applies the growth model to the issue of foreign aid, focusing specifically on whether aid should be untied or tied to the accumulation of public capital.

Suggested Citation

  • Turnovsky,Stephen J., 2009. "Capital Accumulation and Economic Growth in a Small Open Economy," Cambridge Books, Cambridge University Press, number 9780521764759, April.
  • Handle: RePEc:cup:cbooks:9780521764759
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    Cited by:

    1. Carter, Patrick, 2014. "Aid allocation rules," European Economic Review, Elsevier, vol. 71(C), pages 132-151.
    2. Rattsø, Jørn & Stokke, Hildegunn E., 2012. "Trade policy in a growth model with technology gap dynamics and simulations for South Africa," Journal of Economic Dynamics and Control, Elsevier, vol. 36(7), pages 1042-1056.
    3. George Alogoskoufis, 2014. "Endogenous Growth and External Balance in a Small Open Economy," Open Economies Review, Springer, vol. 25(3), pages 571-594, July.
    4. Patrick Carter & Jonathan R. W. Temple, 2017. "Virtuous Circles and the Case for Aid," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 65(2), pages 397-425, June.
    5. Jørn Rattsø & Hildegunn E. Stokke, 2013. "Trade, Skill Biased Technical Change and Wage Inequality in South Africa," Review of International Economics, Wiley Blackwell, vol. 21(3), pages 419-431, August.
    6. repec:oup:wbecrv:v:31:y:2017:i:1:p:71-96. is not listed on IDEAS
    7. Carter, Patrick & Postel-Vinay, Fabien & Temple, Jonathan, 2015. "Dynamic aid allocation," Journal of International Economics, Elsevier, vol. 95(2), pages 291-304.
    8. Michał Konopczyński, 2014. "How Taxes and Spending on Education Influence Economic Growth in Poland," Contemporary Economics, University of Finance and Management in Warsaw, vol. 8(3), September.
    9. Arsham Reisinezhad, 2018. "Economic Growth and Income Inequality in Resource Countries: Theory and Evidence," PSE Working Papers halshs-01707976, HAL.
    10. van der Ploeg, Frederick & Venables, Anthony J., 2013. "Absorbing a windfall of foreign exchange: Dutch disease dynamics," Journal of Development Economics, Elsevier, vol. 103(C), pages 229-243.
    11. Jonathan Temple & Huikang Ying & Patrick Carter, 2014. "Transfers and Transformations: Remittances, Foreign Aid, and Growth," Bristol Economics Discussion Papers 14/649, Department of Economics, University of Bristol, UK, revised 02 Dec 2014.
    12. Daria Onori, 2013. "Optimal Growth under Flow-Based Collaterals," Working Papers halshs-00824672, HAL.
    13. Shantayanan Devarajan & Yazid Dissou & Delfin S. Go & Sherman Robinson, 2017. "Budget Rules and Resource Booms and Busts: A Dynamic Stochastic General Equilibrium Analysis," World Bank Economic Review, World Bank Group, vol. 31(1), pages 71-96.
    14. Michał Konopczyński, 2014. "How Budget Deficit Impairs Long-Term Growth and Welfare under Perfect Capital Mobility," Central European Journal of Economic Modelling and Econometrics, CEJEME, vol. 6(3), pages 129-152, September.
    15. Hu, Yunfang & Mino, Kazuo, 2013. "Trade structure and belief-driven fluctuations in a global economy," Journal of International Economics, Elsevier, vol. 90(2), pages 414-424.
    16. Giulia FELICE, 2009. "Size and composition of public investment, structural change and growth," Departmental Working Papers 2009-28, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano, revised 27 Dec 2011.
    17. Michał Konopczyński, 2013. "Fiscal policy within a common currency area – growth implications in the light of neoclassical theory," Contemporary Economics, University of Finance and Management in Warsaw, vol. 7(3), September.
    18. Yunfang Hu & Kazuo Mino, 2011. "Globalization and Volatility under Alternative Trade Structures," KIER Working Papers 791, Kyoto University, Institute of Economic Research.
    19. Josip Tica & Tomislav Globan & Vladimir Arčabić, 2016. "Monetary Policy Effectiveness, Net Foreign Currency Exposure and Financial Globalisation," EFZG Working Papers Series 1603, Faculty of Economics and Business, University of Zagreb.

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