Capital Accumulation And Structural Change In A Small-Open Economy
by
Summary
- 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
- 備考
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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.