资本货物进口和长期增长外文原文.pdfVIP

NBER WORKING PAPER SERIES CAPITAL GOODS IMPORTS AND LONG-RUN GROWFH Jong-Wha Lee Working Paper No. 4725 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachuseus Avenue Cambridge, MA 02138 April 1994 The author is grateful to Robert Barro, Susan Collins and Elhanan Helpman for their helpful comments on earlier drafts of this paper. This paper is part of NBERs research programs in Growth and International Trade and Investment. Any opinions expressed are those of the author and not those of the National Bureau of Economic Research. NBER Working Paper #4725 April 1994 CAPITAL GOODS IMPORTS AND LONG-RUN GROWIH ABSTRACT This paper presents an endogenous growth model of an open economy in which the growth rate of income is higher if foreign capital goods are used relatively more than domestic capital goods for the production of capital stock. Empirical results, using cross country data for the period 1960-85, confirm that the ratio of imported to domestically produced capital goods in the composition of investment has a significant positive effect on per capita income growth rates across countries, in particular, in developing countries. Hence, the composition of investment in addition to the volume of total capital accumulation is highlighted as an important detenninant of economic growth. Jong-Wha Lee Department of Economics Korea University Anam-Dong, Sungbuk-Ku Seoul 136-701 KOREA