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| Tekijä: | Aizenmann, J. |
| Otsikko: | Inward versus outward growth orientation in the presence of country risk |
| Lehti: | Economica
1991 : FEB, VOL. 58:229, p.57-78 |
| Asiasana: | DEVELOPING COUNTRIES RISK CREDIT CAPITAL MARKETS INTERNATIONAL TRADE INVESTMENT COUNTRY RISK PRODUCTIVITY |
| Kieli: | eng |
| Tiivistelmä: | The purpose of the paper is to model the role of trade dependency in determining the access of a developing economy to the international credit market, and its desirable growth strategy. The key result is that the choice of inward versus outward strategy is determined by the degree of access to the international credit market. With full integration of markets of capital, the choice regarding the inwardness of a technology is irrelevant; investment will be channelled to the more productive sectors. If the capital market is partially integrated, a given investment will generate a direct productivity effect and a desirable trade dependency. |
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