Problems of developing and transition economies

Chu V. Nguyen

The International Trade Journal, 2019, vol. 33, issue 1, 80-94

Abstract: The Solow growth model was extended to account for the graft by corrupt individuals from domestic savings, which could have been used for productive capital accumulation, the productive stock of capital to be augmented by foreign direct investment (FDI), and the expatriation by FDI international investors. The results indicate that higher levels of FDI inflows, savings rates, and more advanced technology embedded productive capital would result in higher steady-state per capita productive capital to labor ratio. The graft from domestic savings, expatriation of FDI, and growth rate of labor negatively affect steady-state per capita productive capital to labor ratio.

Date: 2019
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DOI: 10.1080/08853908.2018.1523762

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