The Long-Run Effects of Structural Change and the Treatment of International Capital Accumulation, Mobility and Ownership

George Verikios and Kevin Hanslow ()

Centre of Policy Studies/IMPACT Centre Working Papers from Victoria University, Centre of Policy Studies/IMPACT Centre

Abstract: Taking a commonly-used and commonly-available trade policy model as our starting point, we examine the long-run effects of large-scale structural change with and without international capital accumulation, mobility and ownership. We demonstrate the relative merits and limitations of different treatments of international capital accumulation, mobility and ownership. In doing so, we present a treatment of international capital accumulation, mobility and ownership that gives policy analysts an approach to analysing the effects of large-scale structural policies that is not too heavy in its theoretical and data demands. Our findings support the work of Baldwin (1992) and others who have demonstrated that ignoring capital accumulation, mobility and ownership underestimates net output and welfare effects of large-scale structural change.

Keywords: computable general equilibrium models; capital accumulation; international capital mobility and ownership; structural change (search for similar items in EconPapers)
JEL-codes: C68 F15 F21 (search for similar items in EconPapers)
Date: 2009-01
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Published in Global Economic Review, vol. 38, no. 3, 2009, pp. 229-50.

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Journal Article: The Long-run Effects of Structural Change and the Treatment of International Capital Accumulation, Mobility and Ownership (2009)
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