Capital goods imports and long-run growth: Is the Chinese experience relevant to developing countries?
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 35, Heft 5, S. 781-797
ISSN: 0161-8938
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In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 35, Heft 5, S. 781-797
ISSN: 0161-8938
In: Economics of transition, Band 19, Heft 1, S. 79-124
ISSN: 1468-0351
In: Review of Development Economics, Band 22, Heft 1, S. 242-262
SSRN
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. ; V. Orts gratefully acknowledge financial support from the Spanish Ministry of Education and Science and FEDER (project ECO2011-28155), from the Generalitat Valenciana (PROME- TEO/2009/068) and Fundació Caixa Castelló-Bancaixa (P1-1B2010-17). The usual disclaimer applies.
BASE
In: International review of law and economics, Band 27, Heft 2, S. 245-257
ISSN: 0144-8188
In: Journal of international development: the journal of the Development Studies Association, Band 16, Heft 2, S. 281-290
ISSN: 1099-1328
AbstractThis paper uses the Granger non‐causality test procedure developed by Toda and Yamamoto (1995) and Dolado and Lütkepohl (1996) to analyse the saving‐growth nexus in Mexico. Contrary to the reverse causation between national saving and domestic income found in recent empirical studies, evidence is presented in favour of Solow's model prediction that higher saving leads to higher economic growth. The confirmation of a saving‐growth nexus in this country seems to be related to the inclusion of foreign direct investment (FDI) in the model, as the most relevant component of foreign saving. As this study will try to show, this last variable enhances economic growth and reinforces the connection between the two focus variables in the analysed country. Copyright © 2004 John Wiley & Sons, Ltd.
In: Journal of international development, Band 16, Heft 2, S. 281-290
This paper uses the Granger non-causality test procedure developed by Toda and Yamamoto (1995) and Dolado and Lütkepohl (1996) to analyse the saving-growth nexus in Mexico. Contrary to the reverse causation between national saving and domestic income found in recent empirical studies, evidence is presented in favour of Solow's model prediction that higher saving leads to higher economic growth. The confirmation of a saving-growth nexus in this country seems to be related to the inclusion of foreign direct investment (FDI) in the model, as the most relevant component of foreign saving. (InWent/DÜI)
World Affairs Online
In: The journal of development studies, Band 40, Heft 4, S. 167-192
ISSN: 1743-9140
In: The journal of development studies: JDS, Band 40, Heft 4
ISSN: 0022-0388
The openness-growth connection is still an open question in the empirical literature. Although some studies have found that openness has a positive impact on economic performance, others have seriously questioned the significance of this result. The main point that we try to emphasise in this paper is that openness involves more than just trade liberalisation. The increasing importance of international capital flows and especially foreign direct investment (FDI) seems to be another relevant component of outward oriented policies. Therefore, by using quarterly data from the late seventies to 2000, we investigate the effects of liberalisation in Mexico, Brazil and Argentina by taking into account trade and FDI growth links. The results suggest that it is important to consider both exports and FDI to ascertain the benefits associated to the outward oriented strategies followed by these countries. (Original abstract)
In: The journal of development studies: JDS, Band 40, Heft 4, S. 167
ISSN: 0022-0388
In this paper, we use firm-level data to investigate how different host country characteristics affect the decision of Spanish multinational firms to locate in developing and transition countries, and whether these determinants change when looking at manufacturing or services firms. As a methodological novelty, we estimate both standard conditional logit models as well as other discrete choice models that allow us to account for the possibility that firms perceive some alternative destinations as being more similar (nested and mixed logit models). A better understanding of the relevance of local factors that determine the competitiveness of these economies in providing multinational firms with location advantages can guide policymakers in their attempt to attract foreign capital flows. This, however, has not been previously addressed by the empirical literature at a firm level and across sectors. Our results suggest that Spanish investments in developing and transition economies are mainly driven by market-seeking factors. They also confirm the relevance of the business and financial climate in the location decision of multinational firms. Finally, the estimations reveal differences between manufacturing and services foreign direct investments in several local factors, such as the agglomeration effects, skilled labour and financial risk ; The authors thank the anonymous referees and editor for their helpful comments. Suggestions from B. Sánchez-Robles and J. A. Máñez are also acknowledged. In addition, the authors are grateful for financial support from European Union's Seventh Framework Programme (FP7/2007-2013) – grant agreement No. FP7-SSH- 612955 (FinMaP), the Spanish Ministerio de Economía y Competitividad and FEDER (ECO2014-58975-P), the Generalitat Valenciana (PROMETEOII/2014/054), and the University Jaume I (UJI-B2016-53).
BASE
In: Scandinavian Journal of Economics, Band 109, Heft 1, S. 93-106
SSRN
In: International review of law and economics, Band 26, Heft 3, S. 395-409
ISSN: 0144-8188