Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/171484 
Erscheinungsjahr: 
2005
Schriftenreihe/Nr.: 
Economics Working Paper Series No. 05/40
Versionsangabe: 
December 2005
Verlag: 
ETH Zurich, CER-ETH - Center of Economic Research, Zurich
Zusammenfassung: 
We set up a dynamic stochastic model of a stylized economy comprising a final output sector (with traditional and modern firms) and an intermediate goods sector. It is shown that market integration reduces the volatility of the rate of return of capital invested in modern firms. The induced portfolio decision of households then leads to reallocation of capital from traditional to modern firms. Despite the presence of a reverse precautionary saving channel, the growth rate unambiguously increases due to the reallocation of capital. Empirical estimates for OECD countries confirm the theoretical results
Schlagwörter: 
globalization
trade in intermediate goods
portfolio decisions
economic growth
JEL: 
F1
O4
Dokumentart: 
Working Paper

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