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Economic Vulnerability and Economic Growth: Some Results from a Neo-Classical Growth Modelling Approach

Gordon Cordina
경제연구소 (Hanyang Economic Research Institute)|2004.12|Journal of Economic Development|제29권 제2호|pp. 21-39

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참고문헌

주제분류경제학

초록

Abstract

This paper incorporates economic vulnerability, defined as the increased proneness of certain economies to downside risks, within a neo-classical economic growth model to seek an explanation to the observation that a number of vulnerable economies enjoy high per capita output levels. Steady state results indicate that the more vulnerable economy would tend to have a higher per capita capital stock and output but a lower per capita consumption level, as resources are allocated to counteract vulnerability. Dynamic modelling results indicate that vulnerability reduces the speed of convergence between economies at different states of development.

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