Trade Capital Accumulation And Structural Unemployment
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Trade Capital Accumulation And Structural Unemployment
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Author : Hiau Looi Kee
language : en
Publisher: World Bank Publications
Release Date : 2004
Trade Capital Accumulation And Structural Unemployment written by Hiau Looi Kee 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 2004 with Singapore categories.
Studies the factors responsible for the secular decline of Singapore's unemployment rate over the period 1966-2000 in an environment of low and stable inflation rates.
Trade Capital Accumulation And Structural Unemployment
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Author : Hiau Looi Kee
language : en
Publisher:
Release Date : 2013
Trade Capital Accumulation And Structural Unemployment written by Hiau Looi Kee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The past three and a half decades witnessed a distinctly declining trend in Singapore's unemployment rate, which dropped from an average annual rate of 7.85 percent in 1966-70 to 2.74 percent in 1991-2000. The authors seek to identify and empirically examine the factors that have influenced Singapore's unemployment rate in an environment of low and stable inflation. They incorporate a union bargaining framework into a standard-factors trade model, in which an increase in the relative price or capital stock in the export sector raises the demand wage that firms can afford to pay relative to workers' fall-back income, and consequently lowers equilibrium unemployment. The magnitude of the effects depends on the fall-back income, the weight unions attach to employment, and the elasticity of labor demand, which the authors estimate using data on Singapore. The results show that labor unions in Singapore care more about employment than wages. Together with a small fall-back income and elastic labor demand, the authors show that given the same percentage change in relative export prices and capital accumulation in the export sector, the effect on unemployment is larger for the former. However, the empirical importance of capital accumulation in the export sector dominates increases in relative export prices in reducing unemployment since the manufacturing sector experienced a tremendous increase in capital inputs throughout the sample period, whereas the relative price of exports experienced a far smaller increase and only in the early part of the sample period. The authors conclude that through a very open trading regime, the tremendous increase in capital stock of the exporting sector has been the main reason behind Singapore's declining unemployment rate.
Wealth Accumulation And Growth In A Specific Factors Model Of Trade And Finance
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Author :
language : en
Publisher:
Release Date : 2006
Wealth Accumulation And Growth In A Specific Factors Model Of Trade And Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper investigates the allocative properties of an OLG specificfactors small open economy facing perfect capital mobility. Wealth formation, economic development and different labor market regimes are at the center-stage of the analysis. In a model with competitive wages and no unemployment, we find that exogenous shocks that do not affect human wealth --like the terms of trade and land endowment shifts-- or the propensity to save, leave nonhuman wealth, consumption and aggregate labor unchanged; in such cases, capital formation is driven by the static effects exerted on sectoral labor. Disturbances that alter human wealth --like the world interest rate, and capital and labor taxation shocks-- or the thrift rate, instead, affect nonhuman wealth and consumption as they involve an intergenerational redistribution of resources that modifies aggregate saving; labor hours supplied may be changed. In these circumstances, capital accumulation is the result of the consequences exerted on financial wealth and input demands. The consideration of a labor market with structural unemployment does not qualitatively affect the results, except for the world interest rate and the rate of time discount shifts. Our results differ substantially from those obtained in static and dynamic specific-factors setups with financial autharky.
Capital Shortage And Unemployment In The World Economy
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Author : Herbert Giersch
language : en
Publisher:
Release Date : 1978
Capital Shortage And Unemployment In The World Economy written by Herbert Giersch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Capital categories.
Conference report on unemployment effects of capital shortage in developed countries (esp. Germany, Federal Republic) and developing countries - covers the impact of capital needs on full employment and economic growth, the causes of structural unemployment, the effects of international indebtedness, measures to promote capital formation, etc. Graphs, references and statistical tables. Conference held in kiel 1977.
Unemployment And Capital Accumulation
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Author : Francisco Cabo
language : en
Publisher:
Release Date : 2000
Unemployment And Capital Accumulation written by Francisco Cabo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Capitalism categories.
Hysteresis And Business Cycles
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Author : Ms.Valerie Cerra
language : en
Publisher: International Monetary Fund
Release Date : 2020-05-29
Hysteresis And Business Cycles written by Ms.Valerie Cerra 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 2020-05-29 with Business & Economics categories.
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Structural Change Fundamentals And Growth A Framework And Case Studies
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Author : McMillan, Margaret
language : en
Publisher: Intl Food Policy Res Inst
Release Date : 2017-05-11
Structural Change Fundamentals And Growth A Framework And Case Studies written by McMillan, Margaret and has been published by Intl Food Policy Res Inst this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-11 with Political Science categories.
The Unity Of The Capitalist Economy And State
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Author : Geert Reuten
language : en
Publisher: BRILL
Release Date : 2018-12-24
The Unity Of The Capitalist Economy And State written by Geert Reuten and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-12-24 with Political Science categories.
In The unity of the capitalist economy and state, Geert Reuten offers a systematic exposition of the capitalist system, showing that the capitalist economy and the capitalist state constitute a unity. In its critique of contemporary economics, the book argues that in order to comprehend the capitalist system, one requires a full synthetic exposition of the economic and state institutions and processes necessary for its continued existence. A synthetic approach also reveals a range of components that are often obscured by partial analyses. In its systematic character, Reuten’s work takes inspiration from Marx’s provisional outline of the capitalist system in Capital, while also addressing fields that Marx left unfinished – such as the capitalist state.
Multisector Growth Models
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Author : Terry L. Roe
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-10-03
Multisector Growth Models written by Terry L. Roe and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-10-03 with Business & Economics categories.
The primary objective of this book is to advance the state of the art in specifying and ?tting to data structural multi-sector dynamic macroeconomic models, and empirically implementing them. The fundamental construct upon which we build is the Ramsey model. A most attractive feature of this model is the insights it provides into the dynamics of an economy in tr- sition to long-run equilibrium. With some exceptions, Ramsey models are highly aggregated – typically single sector models. However, interest often lies in understanding the forces of e- nomic growth across multiple sectors of an economy and on how policy impacts likely play out over time. Such analyses call for moredisaggregatedmodelsthatcanbe?ttocountryorregional data.Thisbookshowshowto:(i)extendthebasicmodeltom- tiple sectors, (ii) how to adapt the basic model to account for policy instruments, and (iii) ?t the model to data, and obtain equilibrium values both forward and backward in time from the data points to which the model is initially ?t.
The Global Trade Slowdown
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Author : Cristina Constantinescu
language : en
Publisher: International Monetary Fund
Release Date : 2015-01-21
The Global Trade Slowdown written by Cristina Constantinescu 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 2015-01-21 with Business & Economics categories.
This paper focuses on the sluggish growth of world trade relative to income growth in recent years. The analysis uses an empirical strategy based on an error correction model to assess whether the global trade slowdown is structural or cyclical. An estimate of the relationship between trade and income in the past four decades reveals that the long-term trade elasticity rose sharply in the 1990s, but declined significantly in the 2000s even before the global financial crisis. These results suggest that trade is growing slowly not only because of slow growth of Gross Domestic Product (GDP), but also because of a structural change in the trade-GDP relationship in recent years. The available evidence suggests that the explanation may lie in the slowing pace of international vertical specialization rather than increasing protection or the changing composition of trade and GDP.