Studies in International Economics and Institutions

Imports and Growth in Highly Indebted Countries

An Empirical Study

Authors: Hentschel, Jesko

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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.

Table of contents (7 chapters)

  • Introduction

    Hentschel, Jesko

    Pages 1-6

  • The importance of imported factors of production in developing countries

    Hentschel, Jesko

    Pages 7-44

  • Import models: issues and problems

    Hentschel, Jesko

    Pages 45-67

  • Macroeconomic production functions and elasticities of substitution between imported and domestic factors of production

    Hentschel, Jesko

    Pages 69-82

  • Estimation of elasticities of substitution between domestic and imported means of production

    Hentschel, Jesko

    Pages 83-131

Buy this book

eBook $109.00
price for USA (gross)
  • ISBN 978-3-642-46770-7
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Softcover $149.00
price for USA
  • ISBN 978-3-642-46772-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Imports and Growth in Highly Indebted Countries
Book Subtitle
An Empirical Study
Authors
Series Title
Studies in International Economics and Institutions
Copyright
1992
Publisher
Springer-Verlag Berlin Heidelberg
Copyright Holder
Springer-Verlag Berlin ยท Heidelberg
eBook ISBN
978-3-642-46770-7
DOI
10.1007/978-3-642-46770-7
Softcover ISBN
978-3-642-46772-1
Series ISSN
1431-6366
Edition Number
1
Number of Pages
XV, 209
Topics