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
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)
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)
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Persistent link: https://EconPapers.repec.org/RePEc:kyo:wpaper:900
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