Growth In A Small Open Economy

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Wages Profitability And Growth In A Small Open Economy

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Author : Mr.Bankim Chadha
language : en
Publisher: International Monetary Fund
Release Date : 1990-05-01

Wages Profitability And Growth In A Small Open Economy written by Mr.Bankim Chadha and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990-05-01 with Business & Economics categories.

This paper examines issues raised by the evolution of a rapidly growing small open economy—Singapore—from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approached the limits of its resource constraints in the labor market. In order to analyze the process of restructuring a model of endogenous growth for a small open economy that is driven by increases in labor productivity from learning and that allows for the dynamic acquisition of comparative advantage is developed. In this framework the effects of various policies and exogenous shocks on the direction and pace of restructuring are investigated.

Capital Accumulation And Economic Growth In A Small Open Economy

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Author : Stephen J. Turnovsky
language : en
Publisher: Cambridge University Press
Release Date : 2009-08-20

Capital Accumulation And Economic Growth In A Small Open Economy written by Stephen J. Turnovsky and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-20 with Business & Economics categories.

An investigation of the process of economic growth in a small open economy by one of the world's leading economists.

Growth In A Small Open Economy

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Author : Matt Benge
language : en
Publisher:
Release Date : 1998

Growth In A Small Open Economy written by Matt Benge and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Economic development categories.

Capital Flows And Economic Growth In A Small Open Economy

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Author : Thuy Dao
language : en
Publisher:
Release Date : 1999

Capital Flows And Economic Growth In A Small Open Economy written by Thuy Dao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Capital movements categories.

Trade Liberalization And Endogenous Growth In A Small Open Economy

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Author : Thomas Fox Rutherford
language : en
Publisher: World Bank Publications
Release Date : 1998

Trade Liberalization And Endogenous Growth In A Small Open Economy written by Thomas Fox Rutherford and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Developing countries categories.

September 1998 Although trade liberalization has been linked econometrically and through casual empiricism to large income increases, attempts to quantify its impact in static simulation models have shown estimated gains. This paper shows that when the endogenous dynamic effects of trade liberalization are built into simulation models, the estimated gains are indeed very large. But complementary regulatory, financial market, and macroeconomic reforms are important to realize the largest gains. Rutherford and Tarr develop a numerical endogenous growth model approximating an infinite horizon, which allows them to investigate the relationship between trade liberalization and economic growth. Economic theory generally implies that trade liberalization will improve economic growth, and the two phenomena are positively correlated in empirical tests, but the connection is not well-substantiated in numerical general equilibrium models. In the authors' model, an intermediate input affects aggregate output through a Dixit-Stiglitz function. Additional varieties provide the engine of growth in this framework and the existence of this mechanism magnifies the welfare costs. In this model with lump sum revenue replacement, reducing a tariff from 20 percent to 10 percent produces a welfare increase (in terms of Hicksian equivalent variation over the infinite horizon) of 10.7 percent of the present value of consumption in their central model, where the economy is assumed to be unable to borrow on international financial markets. If macroeconomic and financial reforms are in place that would allow international borrowing, however, the same tariff cut is estimated to result in a 37 percent increase in Hicksian equivalent variation. On the other hand, if inefficient replacement taxes must be used in an economy without the capacity to borrow internationally, the gains would be reduced to 4.7 percent. Larger tariff cuts-typical of those in many developing countries over the past 30 years-produce larger estimated welfare gains at least proportionate to the size of the cut. The authors apply the model to five developing countries and estimate the impact of the tariff changes those countries plan to undertake as part of Uruguay Round commitments. Because of the dynamic effects, estimated gains are considerably larger than those found in the literature on the impact of the Uruguay Round. This paper-a product of Trade, Development Research Group-is part of a larger effort in the group to assess the impact of trade and investment on economic growth. The study was funded by the Bank's Research Support Budget under the research project The Dynamic Impact of Trade Liberalization in Developing Countries (RPO 681-40). David Tarr may be contacted at [email protected].

Five Small Open Economies

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Author : Ronald Findlay
language : en
Publisher: World Bank Publications
Release Date : 1993

Five Small Open Economies written by Ronald Findlay and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.

Mauritius, a multiethnic society, has turned to manufactured exports and tourism as an alternative to reliance on sugar production. Malta overcame the shock of losing a British naval base and has grown rapidly.

Development And Stabilization In Small Open Economies

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Author : DeLisle Worrell
language : en
Publisher: Taylor & Francis
Release Date : 2023-01-06

Development And Stabilization In Small Open Economies written by DeLisle Worrell and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-06 with Political Science categories.

This book analyses and explains the nature of the economies of small countries and territories. It includes an assessment of material prosperity in 41 small open economies worldwide, with case studies focusing on the Caribbean and Central America, with a review of the development of their economies in recent decades. The volume recommends a suite of economic policy tools for the management of these economies, demonstrating how these may best be employed in economies that live and breathe through international commerce. Among observations of interest is the fact that the devaluation of the local currency of a small nation makes the country worse off; even a currency that maintains its value is little more than a trophy, of little value if it is not readily convertible into US dollars. Also, that while government policies affect international competitiveness and a small country's growth prospects, more important is how governments use additional resources to improve the quality of health and educational services. Moreover, economic windfalls such as the discovery of mineral resources seldom bring prosperity commensurate with their economic value, and never in the short run. The volume will offer invaluable information and analysis to researchers and policy makers investigating small open economies.

Growth In A Small Open Economy

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Author : Ian Warwick MacLean
language : en
Publisher:
Release Date : 1988

Growth In A Small Open Economy written by Ian Warwick MacLean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Australia categories.

Indeterminacy In A Small Open Economy Ramsey Growth Model

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Author : Mark Weder
language : en
Publisher:
Release Date : 2000

Indeterminacy In A Small Open Economy Ramsey Growth Model written by Mark Weder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Economic development categories.

Growth And Welfare In A Small Open Economy

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Author : Gene M. Grossman
language : en
Publisher:
Release Date : 1989

Growth And Welfare In A Small Open Economy written by Gene M. Grossman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Commercial policy categories.

We construct a model of growth based on endogenous technological change in a small, open economy. Entrepreneurs develop new intermediate products whenever the present value of potential profits exceeds the cost of R & D. Diversity of intermediates contributes to total factor productivity in the production of final goods. The economy produces two such final goods, and trades these at exogenously given world prices. We study the welfare implications of R & D subsidies and commercial policy. There exists an optimal subsidy to R & D that speeds growth relative to the market-determined rate. The optimal subsidy achieves the first-best rate of growth, but not the first-best level of welfare. Small tariffs and export subsidies also affect both growth and welfare. Growth may increase or decrease, depending upon which sector is promoted by the trade policy. But an increase in the growth rate is neither necessary nor sufficient for a trade policy to improve welfare. Finally, we compare tariffs and quotas, when the latter give rise to rent-seeking behavior. The diversion of resources from innovative activities to rent seeking can have dire implications for growth and welfare.