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Wages, Profitability, and Growth in a Small Open Economy

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  • Bankim Chadha

    (International Monetary Fund)

Abstract

Issues raised by the evolution of a rapidly growing small economy from a labor-intensive, low-technology production base to a capital-intensive, high-technology, knowledge-and-skill-intensive emphasis as it approaches the limits of its resource constraints in the labor market are examined. A model of endogenous growth for a small open economy that is driven by increases in labor productivity from learning-by-doing and that allows for the dynamic acquisition of comparative advantage is developed. In this framework the effects of policies and exogenous shocks on the direction and pace of restructuring are investigated.

Suggested Citation

  • Bankim Chadha, 1991. "Wages, Profitability, and Growth in a Small Open Economy," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 59-82, March.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:1:p:59-82
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    Cited by:

    1. Donald A. R. George & Les Oxley, 2013. "Rational Expectations Dynamics: A Methodological Critique," Edinburgh School of Economics Discussion Paper Series 217, Edinburgh School of Economics, University of Edinburgh.
    2. Chadha, Bankim & Coricelli, Fabrizio, 1997. "Fiscal constraints and the speed of transition," Journal of Development Economics, Elsevier, vol. 52(1), pages 221-249, February.
    3. Klodt, Henning & Paqué, Karl-Heinz, 1993. "Am Tiefpunkt der Transformationskrise: Industrie- und lohnpolitische Weichenstellungen in den jungen Bundesländern," Kiel Discussion Papers 213, Kiel Institute for the World Economy (IfW Kiel).
    4. Paqué, Karl-Heinz, 1993. "East-West-wage rigidity in united Germany: Causes and consequences," Kiel Working Papers 572, Kiel Institute for the World Economy (IfW Kiel).
    5. Agell, Jonas & Lommerud, Kjell Erik, 1997. "Minimum wages and the incentives for skill formation," Journal of Public Economics, Elsevier, vol. 64(1), pages 25-40, April.

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