Specialization, Firm Dynamics and Economic Growth
1
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Productivity in agriculture or services has long been understood as playing an important role in the growth of manufacturing. In this paper we present a general equilibrium model in which manufacturing growth is stimulated by non-manufacturing sectors that provides goods used in both research and final consumption. The model permits the evaluation of two policy options for stimulating manufacturing growth: (1) a country imports more non-manufacturing goods from a foreign country with higher productivity and (2) a country increases productivity of domestic non-manufacturing. We find that both policies improve welfare of the economy, but depending on the policy the manufacturing sector responses differently. Specifically, employment and value-added in manufacturing increase with policy (1), but contract with policy (2). Therefore, specialization of the import nonmanufactured goods helps explain why some Asian economies experience rapid growth in the manufacturing sector without progress in other sectors.
Abstract
Productivity in agriculture or services has long been understood as playing an important role in the growth of manufacturing. In this paper we present a general equilibrium model in which manufacturing growth is stimulated by non-manufacturing sectors that provides goods used in both research and final consumption. The model permits the evaluation of two policy options for stimulating manufacturing growth: (1) a country imports more non-manufacturing goods from a foreign country with higher productivity and (2) a country increases productivity of domestic non-manufacturing. We find that both policies improve welfare of the economy, but depending on the policy the manufacturing sector responses differently. Specifically, employment and value-added in manufacturing increase with policy (1), but contract with policy (2). Therefore, specialization of the import nonmanufactured goods helps explain why some Asian economies experience rapid growth in the manufacturing sector without progress in other sectors.
참고문헌 (28)
- Aghion, P., "A Model of Growth Through Creative Destruction", Econometrica, 60(2), pp.323~351 (1992)
- Atkeson, A., "Innovation, Firm Dynamics, and International Trade", Journal of Political Economy, 118(3), pp.433~484 (2010)
- Bosworth, B., "Accounting for Growth: Comparing China and India", Journal of Economic Perspectives, 22(1), pp.45~66 (2008)
- Diao, X., "Strategic Policies and Growth: An Applied Model of R&D-driven Endogenous Growth", Journal of Development Economics, 60(2), pp.343~380 (1999)
- Eichengreen, B., "When Fast-growing Economies Slow Down:International Evidence and Implications for China?", Asian Economic Papers, 11(1), pp.42~87 (2012)
- Eichengreen, B., "From Miracle to Maturity: The Growth of The Korean Economy (Harvard East Asian Monographs)" (2012), Harvard University Asia Center
- Ericson, R., "Markov-perfect Industry Dynamics: A Framework for Empirical Work", Review of Economic Studies, 62(1), pp.53~82 (1995)
- Francois, J. F., "Trade in Producer Services and Returns Due to Specialization Under Monopolistic Competition", Canadian Journal of Economics, 23(1), pp.109~124 (1990)
- Francois, J., "Services Trade and Policy", Journal of Economic Literature, 48(3), pp.642~692 (2010)
- Gersbach, H., "Basic Research, Openness, and Convergence", Journal of Economic Growth, 18(1), pp.33~68 (2013)
- Gollin, D., "The Role of Agriculture in Development", American Economic Review, 92(2), pp.160~164 (2002)
- Griliches, Z., "Issues in Assessing the Contribution of Research and Development to Produc tivity Growth", Bell Journal of Economics, 10(1), pp.92~116 (1979)
- Grossman, G. M., "Innovation and Growth in The Global Economy. Vol. 1" (1993), MIT Press
- Ito, T., "Japan and the Asian Economies: A “Miracle” in Transition", Brookings Papers on Economic Activity, 1996(2), pp.205~272 (1996)
- Why Have Economic Reforms in Mexico Not Generated Growth?, "Kehoe, T. J.", NBER, ~, pp.Working Paper, no. 16580 (2012)
- Klette, T. J., "Innovating Firms and Aggregate Innovation", Journal of Political Economy, 112(5), pp.986~1018 (2004)
- Kögel, T., "Agricultural Productivity Growth and Escape From the Malthusian Trap", Journal of Economic Growth, 6(4), pp.337~357 (2001)
- Krueger, A. O., "Asian Trade and Growth Lessons", American Economic Review, 80(2), pp.108~112 (1990)
- Kuznets, S., "Modern Economic Growth: Rate, Structure, and Spread" (1966), Yale University Press
- Lentz, R., "An Empirical Model of Growth Through Product Innovation", Econometrica, 76(6), pp.1317~1373 (2008)
- Matsuyama, K., "Agricultural Productivity, Comparative Advantage, and Economic Growth", Journal of Economic Theory, 58(2), pp.317~334 (1992)
- Neusser, K., "Manufacturing Growth and Financial Development:Evidence from OECD Countries", Review of Economics and Statistics, 80(4), pp.638~646 (1998)
- Rauch, J. E., "Balanced and Unbalanced Growth", Journal of Development Economics, 53(1), pp.41~66 (1997)
- Romer, P. M., "Endogenous Technological Change", Journal of Political Economy, 98(5, part 2), pp.S71~S102 (1990)
- Natural Resource Abundance and Economic Growth, "Sachs, J. D.", NBER, ~, pp.Working Paper, no. 5398 (1995)
- Timmer, M., "Routledge Handbook of Industry and Development", pp.65~83 (2016), Routledge. Taylor & Francis
- Westphal, L. E., "Industrial Policy in an Export-propelled Economy: Lessons from South Korea’s Experience", Journal of Economic PerspectivesI, 4(3), pp.41~59 (1990)
- Young, A., "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience", Quarterly Journal of Economics, 110(3), pp.641~680 (1995)