A two-country dynamic Heckscher-Ohlin model with physical and human capital accumulation

Yunfang Hu, Murray C. Kemp, Koji Shimomura

    研究成果: Article査読

    5 被引用数 (Scopus)

    抄録

    We study a two-country endogenous growth model in which the long-run growth is propelled by the accumulation of physical and human capital. We show that in the integrated world economy, there exists a unique and locally saddlepoint stable balanced growth equilibrium. We also show that the incorporation of adjustment costs in the process of human capital accumulation leads to a lower long-run growth rate. We then show that, in the 2-country world economy with international trade, balanced growth is possible. Finally, we present a dynamic Heckscher-Ohlin theorem concerning the pattern of international trade.

    本文言語English
    ページ(範囲)67-84
    ページ数18
    ジャーナルEconomic Theory
    41
    1
    DOI
    出版ステータスPublished - 2009 1 1

    ASJC Scopus subject areas

    • Economics and Econometrics

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