ISBN-10:
3642467725
ISBN-13:
9783642467721
Pub. Date:
03/08/2012
Publisher:
Springer Berlin Heidelberg
Imports and Growth in Highly Indebted Countries: An Empirical Study / Edition 1

Imports and Growth in Highly Indebted Countries: An Empirical Study / Edition 1

by Jesko Hentschel

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Product Details

ISBN-13: 9783642467721
Publisher: Springer Berlin Heidelberg
Publication date: 03/08/2012
Series: Studies in International Economics and Institutions Series
Edition description: Softcover reprint of the original 1st ed. 1992
Pages: 209
Product dimensions: 6.69(w) x 9.61(h) x 0.02(d)

Table of Contents

1. Introduction.- 1.1. The debt crisis, imports, and growth.- 1.2. Structure of the study.- 2. The importance of imported factors of production in developing countries.- 2.1. Introductory remarks.- 2.2. The composition of imports.- 2.3. Factors impeding perfect import substitutability.- 2.3.1. Non-traded specific factors.- 2.3.2. Technology.- 2.3.3. Adjustment costs and time.- 2.4. Capital goods.- 2.4.1. Nature of capital goods production.- 2.4.1.1. Technological requirements.- 2.4.1.2. Market size.- 2.4.1.3. Economies of scale and specialization.- 2.4.2. Weight and structure of the capital goods sector.- 2.4.3. Imports and domestic production of capital goods.- 2.4.4. An assessment.- 2.5. Intermediate goods.- 2.5.1. Primary intermediate goods.- 2.5.2. Industrial intermediate goods.- 2.5.2.1. Nature of production.- 2.5.2.2. Imports and domestic production of industrial intermediate goods.- 2.5.3. An assessment.- 2.6. Development strategies and the role of imports.- 2.6.1. Inward- versus outward-oriented policies.- 2.6.2. Effects of inward-oriented policies.- 2.6.3. Secondary import substitution.- 2.6.4. Independence or vulnerability?.- 2.7. Summary.- 3. Import models: issues and problems.- 3.1. Introduction.- 3.2. The theoretical background: imports and growth.- 3.2.1. Perfect substitutability for imports in open economy growth models.- 3.2.2. Perfect complementarity in production.- 3.2.3. Limited substitutability.- 3.3. The standard import function, foreign exchange availability, and disaggregate import analyses.- 3.3.1. The standard import function.- 3.3.2. Foreign exchange and the external budget restriction.- 3.3.3. Disaggregate import analyses.- 3.4. Empirical studies of imports as factors of production in developing countries.- 3.4.1. Models positing a specific elasticity of substitution for imported inputs.- 3.4.1.1. Trade-gap models.- 3.4.1.2. Models positing a limited substitutability.- 3.4.2. Models that allow estimation of the elasticity of substitution.- 3.4.2.1. CES functions including imports.- 3.4.2.2. The translog approach.- 3.4.2.3. Derived import demands from CES and translog functions: a comparison.- 3.5. Concluding remarks.- 4. Macroeconomic production functions and elasticities of substitution between imported and domestic factors of production.- 4.1. Introduction.- 4.2. Aggregate production functions and the elasticity of substitution.- 4.2.1. The aggregation problem.- 4.2.2. The elasticity of substitution ex post and ex ante.- 4.2.3. Factors influencing the elasticity of substitution between imported and domestic factors of production.- 4.3. The nested production function.- 4.3.1. Disaggregation of imports.- 4.3.2. A three-level nested CES function.- 4.3.3. The optimal composition of the efficiency capital stock.- 4.3.4. Optimal production of gross output.- 4.4. Summary.- 5. Estimation of elasticities of substitution between domestic and imported means of production.- 5.1. Introductory remarks.- 5.2. Measurement of the domestic price of imported goods.- 5.2.1. The domestic price of imported goods.- 5.2.2. Derivation of a protection proxy.- 5.2.3. Foreign exchange availability and the internal price of imported goods.- 5.3. Imported and domestically produced capital goods.- 5.3.1. The stochastic equation.- 5.3.2. Reference estimations.- 5.3.2.1. Data and parameter assumptions.- 5.3.2.2. Estimation of the regression parameters.- 5.3.2.3. Estimation of the structural parameters.- 5.3.3. Modification 1: the depreciation rate.- 5.3.4. Modification 2: an alternative formulation of the user cost of capital.- 5.3.5. Modification 3: using gross domestic investment data.- 5.3.5.1. Conceptual aspects of the data.- 5.3.5.2. Data generation.- 5.3.5.3. Regression results.- 5.3.6. Modification 4: modelling the foreign exchange impact.- 5.3.6.1. The estimating equation.- 5.3.6.2. Measuring foreign exchange availability.- 5.3.6.3. Regression results.- 5.3.7. Comparison of estimated elasticities.- 5.4. Imported intermediate goods.- 5.4.1. The stochastic equation.- 5.4.2. Estimation using the protection proxy.- 5.4.2.1. Data employed.- 5.4.2.2. Estimation of the regression parameters.- 5.4.2.3. Non-linear estimation of the structural parameters.- 5.4.3. Foreign exchange availability.- 5.4.3.1. The estimating equation.- 5.4.3.2. Regression results.- 5.5. Summary and interpretation of the empirical results.- 5.5.1. Summary of the empirical results.- 5.5.2. Interpretation of the empirical results.- 6. Imports, growth, and the trade balance: two case studies.- 6.1. Basic remarks about the framework.- 6.2. The Columbian model.- 6.2.1. Econometric specification.- 6.2.1.1. Factor demands, price equations, and the demand for other imports.- 6.2.1.2. Export demand and supply.- 6.2.2. Ex post simulation.- 6.2.3. Analyses of trade balance reactions.- 6.3. The Ecuadorian model.- 6.3.1. Econometric specification.- 6.3.1.1. Factor demands, price equations, and the demand for other imports.- 6.3.1.2. Export supply and demand.- 6.3.2. Ex post simulation.- 6.3.3. Analyses of trade balance reactions.- 6.4. Concluding remarks about the simulations.- 7. Conclusion.- 7.1. Summary of findings.- 7.2. Import vulnerability reconsidered.- Appendices.- A. Statistical tables.- B. The cost function and conditional factor demands for a CES production function.- B.1. Derived factor demands.- B.2. The cost function.- C. Data sources and computational notes.- C.1. Industrial production and price statistics.- C.2. Trade data.- C.3. National income accounting statistics.- C.4. Specific variables used in Chapter 5.- C.4.1. Implicit average effective import taxes.- C.4.2. Real import capacity.- C.4.3. Interest rates.- C.5. Variable defmitions and sources, Chapter 6.- C.6. Computational notes.- References.

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