Capital Accumulation and Structural Change in a Small Open Economy

Capital Accumulation and Structural Change in a Small Open Economy

This paper explores the relation between capital accumulation and transformation of industrial structure in a small open economy. Using a three‐sector neoclassical growth model with non‐homothetic preferences, we examine the dynamic behaviour of the small country in the alternative trade regimes. We...

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Veröffentlicht in:Pacific economic review (Oxford, England) England), 2014-12, Vol.19 (5), p.634-656
Hauptverfasser: Hu, Yunfang, Mino, Kazuo
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Capital
Economic theory
Growth models
Studies
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Mino, Kazuo
description This paper explores the relation between capital accumulation and transformation of industrial structure in a small open economy. Using a three‐sector neoclassical growth model with non‐homothetic preferences, we examine the dynamic behaviour of the small country in the alternative trade regimes. We show that capital accumulation plays a leading role in the process of structural transformation. It is also revealed that the trade pattern significantly affects structural change. We demonstrate that our model can mimic a typical pattern of change in industrial structure that has been observed in many developed economies.
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source Wiley Online Library Journals Frontfile Complete; EBSCOhost Business Source Complete
subjects Capital
Economic theory
Growth models
Studies
title Capital Accumulation and Structural Change in a Small Open Economy
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