文章基本信息

标题：THE QUANTITATIVE IMPORTANCE OF OPENNESS IN DEVELOPMENT
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作者：Wenbiao Cai ; B. Ravikumar ; Raymond G. Riezman 等
期刊名称：Economic Inquiry
印刷版ISSN：0095-2583
出版年度：2015
卷号：53
期号：4
页码：1839-1849
DOI：10.1111/ecin.12216
语种：English
出版社：Western Economic Association International
摘要：This paper deals with a classic development question: how can the process of economic development—transition from stagnation in a traditional technology to industrialization and prosperity with a modern technology—be accelerated? Lewis (1954) and Rostow (1956) argue that the pace of industrialization is limited by the rate of capital formation which in turn is limited by the savings rate of workers close to subsistence. We argue that access to capital goods in the world market can be quantitatively important in speeding up the transition. We develop a parsimonious open‐economy model where traditional and modern technologies coexist (a dual economy in the sense of Lewis 1954). We show that a decline in the world price of capital goods in an open economy increases the rate of capital formation and speeds up the pace of industrialization relative to a closed economy that lacks access to cheaper capital goods. In the long run, the investment rate in the open economy is twice as high as in the closed economy and the per capita income is 23% higher. (JEL O11, F43, O14)