Terms of Trade and Economic Growth in a World of Constrained Capital Mobility

dc.contributor.author	Nordås, Hildegunn Kyvik
dc.date.accessioned	2008-03-03T11:20:04Z
dc.date.accessioned	2017-03-29T09:12:36Z
dc.date.available	2008-03-03T11:20:04Z
dc.date.available	2017-03-29T09:12:36Z
dc.date.issued	1997
dc.identifier.issn	0804-3639
dc.identifier.uri	http://hdl.handle.net/11250/2435873
dc.description.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.
dc.language.iso	eng
dc.publisher	Chr. Michelsen Institute
dc.relation.ispartofseries	CMI Working paper
dc.relation.ispartofseries	WP 1997: 5
dc.subject	Economic growth
dc.subject	Capital mobility
dc.subject	Natural resources
dc.subject	Terms of trade
dc.subject	JEL: O3, O4, O13, O16
dc.title	Terms of Trade and Economic Growth in a World of Constrained Capital Mobility
dc.type	Working paper