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Capital Accumulation and Structural Change in a Small-Open Economy

Yunfang Hu and Kazuo Mino ()

No 900, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: This paper explores the relation between capital accumulation and transformation of industrial structure in a small open-economy. Using a three-sector, neoclassical growth model with non-homothetic preferences, we examine dynamic behavior of the small country in the alternative trade regimes. We show that capital accumulation plays a leading role in the process of structural transformation. It is also revealed that the trade pattern significantly affects structural change. We demonstrate that our model can mimic a typical pattern of change in industrial structure that has been observed in many developed economies.

Keywords: Structural change; Small-open economy; Trade Pattern; Three-sector model; Non-homothetic preferences (search for similar items in EconPapers)
JEL-codes: E21 O10 O41 (search for similar items in EconPapers)
Pages: 30pages
Date: 2014-08
New Economics Papers: this item is included in nep-dge, nep-mac and nep-opm
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Journal Article: Capital Accumulation and Structural Change in a Small Open Economy (2014) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:900

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