Download Imports and Growth in Highly Indebted Countries: An by Jesko Hentschel PDF

By Jesko Hentschel

A genuine imports of capital and intermediate items declined sharply for highlyindebted nations within the Nineteen Eighties, those economies have been confronted with the necessity tosubstitute formerly imported elements of creation with family capital and exertions. The learn empirically analyzes the measure of import dependence of twelve constructing international locations. Estimates of the short-run elasticity of substitution represent either imported capital and intermediate items to act like enhances within the construction technique within the constructing international locations. Long-run substitution elasticites range significantly one of the team of economies, particularly for imported equipment and kit. the implications point out that inward-oriented ideas haven't completed the purpose of decreasing the import dependence of the constructing economies. as a way to visualize theimplications of the differing measure of import dependence, a partial equilibrium econometric version is used to investigate the response of the alternate account on exterior shocks and household regulations in Columbia and Ecuador. Simulations express that the dependence on imported construction capability can remodel an "adjustment with progress" of the exterior account intoan "adjustment or progress" controversy.

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4). Due to the very nature of capital goods production, the development of local machinery and equipment producing facilities is complicated: "... the entry [into capital goods production] is not a one-time affair - of building a plant or plants - but rather a continuing process. It is a process in which a whole strncture of complementary industries needs to be built in order to pennit the achievement of the economies of specialization as well as those of scale which are characteristic of the machine-building activities" (Chudnovsky et al.

16-18) for a distinction between and description of'light' and 'heavy' industries. l in Appendix C for a complete list of industries producing predominantly industrial intermediate goods. 32 industrial chemicals). These industries are characterized by high forward linkages to the industries producing consumer goods as well as to the capital goods sector. At the same time they make intensive use of raw materials. For example, the paper and paper products industry, which manufactures pulp, paper, containers, and boxes, is heavily dependent on raw wood and basic chemicals but also has strong forward linkages to the food processing plants.

A shift in the composition of investment in favor of domestically originating capital goods can be due to substitution efforts in specific projects, but it is also possible that those investments were implemented which required a small foreign capital content, thereby lowering the overall contribution of imported investment goods to hardware installations. Mexico and the Philippines, on the other hand, show a rising share of capital formation consisting of machines manufactured in the industrialized countries at times when both production and real imports were decreasing.

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