The consequences of liberalization on structural changes are examined using data from manufacturing industry in Nepal which is classified as a least developed country. This is important because doubts that liberalization may not solve the problems of low-income developing countries remain strong due mainly to low supply elasticities and the early stage of industrialization. Results suggest some structural changes in manufacturing output and trade orientation. However, no significant improvements were recorded in the overall productivity growth and spatial distribution of manufacturing which appear to be due mainly to the lack of basic infrastructure and the shortage of skilled manpower. Thus, appropriate investment policies, which channel resources to improve human capital and infrastructure, appear to be essential if the potential benefits of liberalization are to be fully achieved.
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Paper provided by Yale - Economic Growth Center in its series Papers with number
812.
Find related papers by JEL classification: E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations F14 - International Economics - - Trade - - - Country and Industry Studies of Trade F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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