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Trade, FDI, and congestion - the small and very open economy

  • Kristof Dascher

Typically, a small and open economy trades goods at given world prices. Here, we present a model of a very open small economy, where capital and labor are internationally mobile, too. When investing into infrastructure, the economy’s government attracts not only mobile capital but mobile labor, also. These capital and labor inflows into the economy reinforce each other. They contribute to rising welfare for land owning indigenous households. But all potential benefits for land renting immigrant households are capitalized into higher land rents. The paper is also an attempt to give an account of the recent economic boom in Ireland.

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File URL: http://hdl.handle.net/10197/1253
File Function: First version, 2000
Download Restriction: no

Paper provided by School of Economics, University College Dublin in its series Working Papers with number 200009.

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Date of creation: May 2000
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Handle: RePEc:ucn:wpaper:200009
Contact details of provider: Postal: UCD, Belfield, Dublin 4
Phone: +353-1-7067777
Fax: +353-1-283 0068
Web page: http://www.ucd.ie/economics

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  1. Yoshitsugu Kanemoto, 1985. "Hedonic Prices and the Benefits of Public Projects," Working Papers 617, Queen's University, Department of Economics.
  2. Maurice J. Roche, 1999. "Irish House Prices - Will the Roof Cave In?," The Economic and Social Review, Economic and Social Studies, vol. 30(4), pages 343-362.
  3. Maurice J. Roche, 1999. "Irish house prices: will the roof fall in?," Economics, Finance and Accounting Department Working Paper Series n890699, Department of Economics, Finance and Accounting, National University of Ireland - Maynooth.
  4. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December.
  5. Starrett, David A, 1981. "Land Value Capitalization in Local Public Finance," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 306-27, April.
  6. J.P. Neary, 1995. "Factor Mobility and International Trade," CEP Discussion Papers dp0248, Centre for Economic Performance, LSE.
  7. John FitzGerald, 1999. "Understanding Ireland's Economic Success," Papers WP111, Economic and Social Research Institute (ESRI).
  8. Holger Görg & Frances Ruane, 1997. "Reflections on Irish Industrial Policy towards Foreign Direct Investment," Economics Policy Papers 973, Trinity College Dublin, Department of Economics.
  9. John M. Hartwick, 1993. "Capitalization of Productivity Growth in Urban Land Rent," Working Papers 875, Queen's University, Department of Economics.
  10. John FitzGerald & Ide Kearney, 1999. "Migration and the Irish Labour Market," Papers WP113, Economic and Social Research Institute (ESRI).
  11. Yoshitsugu Kanemoto, 1980. "A Note on the Measurement of Benefits of Public Inputs," Canadian Journal of Economics, Canadian Economics Association, vol. 13(1), pages 135-42, February.
  12. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
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