G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2979
DP2979 Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?
Andrew Hughes Hallett; Nicola Viegi
发表日期2001-09-29
出版年2001
语种英语
摘要We show that even in the absence of diminishing returns in production and technological spillovers, international trade leads to a stable world income distribution. This is because specialization and trade introduce de facto diminishing returns ? countries that accumulate capital faster than average experience declining export prices, depressing the rate of return to capital and discouraging further accumulation. Because of diminishing returns to capital accumulation at the country level, the cross-sectional behaviour of the world economy is similar to that of existing exogenous growth models. Cross-country variation in economic policies, savings and technology translate into cross-country variation in incomes, and country dynamics exhibit conditional convergence as in the Solow-Ramsey model. The dispersion of the world income distribution is determined by the forces that shape the strength of the terms of trade effects ? the degree of openness to international trade and the extent of specialization. Finally, we provide evidence that countries accumulating faster experience a worsening in their terms of trade. Our estimates imply that, all else equal, a 1% faster growth is associated with approximately a 0.7% decline in the terms of trade.
主题International Macroeconomics ; International Trade and Regional Economics
关键词Cross-country income differences Endogenous growth International trade Specialization Terms of trade effects
URLhttps://cepr.org/publications/dp2979
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532010
推荐引用方式
GB/T 7714
Andrew Hughes Hallett,Nicola Viegi. DP2979 Labour Market Reform and Monetary Policy in EMU: Do Asymmetries Matter?. 2001.
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