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Please use this identifier to cite or link to this item: http://hdl.handle.net/10202/293

Title: Terms of Trade and Economic Growth in a World of Constrained Capital Mobility
Authors: Nordås, Hildegunn Kyvik
Keywords: Economic growth
Capital mobility
Natural resources
Terms of trade
JEL: O3, O4, O13, O16
Issue Date: 1997
Publisher: Chr. Michelsen Institute
Series/Report no.: CMI Working paper
WP 1997: 5
Abstract: This paper focuses on the interaction between world community and capital markets within the framework of an extended neoclassical growth mode!. The model incorporates raw materials as an essential input and captures the observed, but hitherto unexplained impact of terms of trade on economic growth. It is shown that in a world of declining real prices of industrial raw materials, the steady state growth rate is an increasing function of the input ratio raw materials/unskilled labour. When international capital flows are constrained, the speed of convergence is determined by the same variables.
URI: http://hdl.handle.net/10202/293
ISSN: 0804-3639
Appears in Collections:CMI Collection (Reports, Working Papers, Articles etc.)

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