Capital Accumulation and Structural Change in a Small-Open Economy

著者
Yunfang Hu and Kazuo Mino
シリーズ
MQ Discussion Series
DP番号
2014-010
公開年月
August 2014
言語
英語
URL
ファイル
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Summary

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 dynamic behavior 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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