De-industrialization and Emerging Market Economies

Joshua Aizenman

Journal of Economic Development, 2001, vol. 26, issue 1, 25-36

Abstract: This paper identifies a non-linear pattern of industrialization. A panel regression suggests that the manufacturing/GDP share reaches its peak when the developing country¡¯s GDP/capita reaches about 60% of the US GDP/capita, and that financial depth is associated with a higher manufacturing share. We provide an interpretation for the above findings in a global economy characterized by a traded manufacturing industry, where the number of varieties is endogenously determined, and non traded services. While de-industrialization would have occurred even in the absence of the emerging markets, their presence magnifies this process for the high-income countries.

Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:jed:journl:v:26:y:2001:i:1:p:25-36

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