Convergence, divergence and changing trade patterns: theoretical inquiries into the role of preferences, factor accumulation, technological change and government intervention
This book constitutes a theoretical inquiry into the reasons for convergence, divergence and, in a trade theoretic perspective, for a reversal of trade patterns. It describes various mechanisms determining factor rewards and the change of trade patterns of growing economies. Special attention is paid to the effects of internationally differing preferences, unequal factor accumulation, technological change and government intervention. The chapters of this book are in the tradition of the "new" growth and trade theory and elaborate novel results, especially with respect to factor rewards, convergence and trade patterns. It also contains appendices to the individual chapters deriving the results in the main text in a very explicit and informative way.
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Transitional dynamics convergence and international capital flows in twocountry models of innovation and growth
The role of technological change factor
33 other sections not shown
appendix assumed assumption autarky balanced growth path budget constraint capital flows chapter cone of diversification constant consumers consumption convergence countries are incompletely decrease determined differ discount factor eigenvalues endogenous growth expenditure of country export factor endowment factor intensities factor market clearing factor price equalization factor rewards final financial capital free trade given Grossman and Helpman growth rate Heckscher-Ohlin models Heckscher-Ohlin theorem homogeneous households human capital accumulation human capital intensive identical implies incomplete specialization increase indirect utility function individual discount rates initial conditions innovation rate inserting interest rate intertemporal LALB lemma market clearing conditions maximization monopolistic competition number of varieties numeraire obtain output ratio preference rate production function production side R&D sector reduced form respect Romer Shephard's lemma small open economy Solving stability properties static technological change total expenditure trade patterns two-country world unit cost function unit demand functions variables zero