Capital goods imports and long-run growth: Is the Chinese experience relevant to developing countries?
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Capital goods imports and long-run growth: Is the Chinese experience relevant to developing countries?Fecha de publicación
2013Editor
ElsevierCita bibliográfica
HERRERIAS, Maria Jesus; ORTS, Vicente. Capital goods imports and long-run growth: Is the Chinese experience relevant to developing countries?. Journal of Policy Modeling, 2013, vol. 35, no 5, p. 781-797.Tipo de documento
info:eu-repo/semantics/articleVersión de la editorial
http://www.sciencedirect.com/science/article/pii/S016189381300029X#Versión
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Resumen
In this paper, we analyze the role played by capital goods imports in the long-run growth of developing countries. We focus in the case of the Chinese economy in the last few decades. We find evidence that the ratio ... [+]
In this paper, we analyze the role played by capital goods imports in the long-run growth of developing countries. We focus in the case of the Chinese economy in the last few decades. We find evidence that the ratio of imported to domestic capital goods, that is, the composition of investment, as well as the capital accumulation (both physical and human), was key determinants of the long-run growth rate of per capita GDP over the analyzed period. Furthermore, our results are also consistent with the hypothesis that the link between trade openness and long-run growth operates mainly through imports. This finding supports some recent developments of Schumpeterian models of growth, and the very specific economic policy recommendations arising thereof. In short, these models state that, in the early stages of growth, government intervention to encourage an investment-based strategy, with emphasis on large investment efforts and the adoption of foreign technology, could be an appropriate strategy for development. [-]
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Journal of Policy Modeling (2013) vol. 35, no 5Derechos de acceso
Copyright © 2013 Society for Policy Modeling. Published by Elsevier Inc.
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http://rightsstatements.org/vocab/InC/1.0/
info:eu-repo/semantics/openAccess
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