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| Author: | Wang, J. Y. |
| Title: | Growth, technology transfer, and the long-run theory of international capital movements |
| Journal: | Journal of International Economics
1990 : NOV, VOL. 29:3/4, p. 255-271 |
| Index terms: | GROWTH TECHNOLOGY TRANSFER CAPITAL MARKETS INTERNATIONAL ECONOMICS FOREIGN INVESTMENT INCOMES |
| Language: | eng |
| Abstract: | A dynamic two-country model is built that extends the MacDouglas-Kemp-Ruffin framework by adding to the production function a country-specific variable labelled human capital. Perfect capital mobility links the two regions. It is hypothesized that the role of technological transfer will be an increasing function of the amount of foreign capital operating in the less developed region /LDR/. The income defined as the two regions' ratio of per capita incomes, is narrowed and becomes a constant in the steady state. Capital mobility raises the growth rate of the LDR. Effects on changes in saving rates and rate of technology diffusion, are analyzed. Importance of human capital is highlighted. Policy implications are offered. |
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