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Imports and Growth in Highly Indebted Countries

An Empirical Study

  • Book
  • © 1992

Overview

Authors:
  1. Jesko Hentschel

    1. Zentrum für Internationale Wirtschaft, Universität Konstanz, Konstanz, Germany
      Hamburg 80, Germany

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Part of the book series: Studies in International Economics and Institutions (INTERN.ECONOM.)

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Table of contents (7 chapters)

  1. Front Matter

    Pages I-XV
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  2. Introduction

    • Jesko Hentschel
    Pages 1-6

  3. The importance of imported factors of production in developing countries

    • Jesko Hentschel
    Pages 7-44

  4. Import models: issues and problems

    • Jesko Hentschel
    Pages 45-67

  5. Macroeconomic production functions and elasticities of substitution between imported and domestic factors of production

    • Jesko Hentschel
    Pages 69-82

  6. Estimation of elasticities of substitution between domestic and imported means of production

    • Jesko Hentschel
    Pages 83-131

  7. Imports, growth, and the trade balance: two case studies

    • Jesko Hentschel
    Pages 133-173

  8. Conclusion

    • Jesko Hentschel
    Pages 175-178

  9. Back Matter

    Pages 179-209
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Keywords

About this book

A real imports of capital and intermediate goods declined sharply for highlyindebted countries in the 1980s, these economies were faced with the need tosubstitute previously imported factors of production with domestic capital and labor. The study empirically analyzes the degree of import dependence of twelve developing countries. Estimates of the short-run elasticity of substitution characterize both imported capital and intermediate goods to behave like complements in the production process in the developing countries. Long-run substitution elasticites differ considerably among the group of economies, especially for imported machinery and equipment. The results indicate that inward-oriented strategies have not achieved the aim of reducing the import dependence of the developing economies. In order to visualize theimplications of the differing degree of import dependence, a partial equilibrium econometric model is used to analyze the reaction of the trade account on external shocks and domestic policies in Columbia and Ecuador. Simulations show that the dependence on imported production means can transform an "adjustment with growth" of the external account intoan "adjustment or growth" controversy.

Authors and Affiliations

  • Zentrum für Internationale Wirtschaft, Universität Konstanz, Konstanz, Germany

    Jesko Hentschel

  • Hamburg 80, Germany

    Jesko Hentschel

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