Trade Induced Convergence in Credit Constrained Economies
This paper constructs a model where otherwise identical economies having different initial conditions are in different steady-states in autarky because skill accumulation is subject to credit constraint. In a two country world it is shown how international trade in goods can cause complete convergence in skill endowments and per capita outputs of trading economies.
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|Date of creation:||2000|
|Contact details of provider:|| Postal: UNIVERSITY OF CALIFORNIA IRVINE, SCHOOL OF SOCIAL SCIENCES, IRVINECALIFORNIA 91717 U.S.A.|
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