3.6. сбережения, инвестиции и догоняющее развитие: модель

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3.6. SAVING, INVESTMENT AND CATCHING-UP DEVELOPMENT:
ENDOGENOUS GROWTH MODEL
V.V. Kurilov, Master in Economics,
Postgraduate Student, Economic Department
Lomonosov Moscow State University
This paper presents endogenous growth model, which includes several approaches: neoclassical and Schumpeterian
growth, proximity to technology frontier and technology inappropriateness. In the united approach model an increase in
saving rate produces not only short-run, but also long-run impact on economic growth in developing economies. Thus
saving and investment are catching-up growth indicators.
Literature
1. V.V. Kurilov. 2013. Growth mechanism differences between advanced and developing economies // Audit and Financial Analysis.
5. p. 118-124.
2.
. Tumanova, N.L. Shagas. 2004. Macroeconomics // M. : INFRA-M.
3.
. Tumanova, N.L. Shagas. 2000. Innovation in economic growth models // Innovation Activity, Economics and Management Ed.
Vasiliev V.P. – M. : TEIS.
4. D. Acemoglu, F. Zilibotti. 2001. Productivity Differences // The Quarterly Journal of Economics, MIT Press. vol. 116(2). p. 563-606.
5. P. Aghion, P. Howitt. 2007. Capital, innovation and growth accounting // Oxford Review of Economic Policy. Volume 23, 1. p. 7993.
6. P. Aghion, D. Comin, P. Howitt, I. Tecu. 2009. When Does Domestic Saving Matter for Economic Growth? // Harvard Business
School Working Papers. 09-080.
7. B. Bernanke, R. Gurkaynak. 2001. Is Growth Exogenous? Taking Mankiw, Romer and Weil Seriously // NBER Working Paper Series. 8365. July.
8. M. Blomstrom, R. Lipsey, M. Zejan. 1996. Is Fixed Investment Key to Economic Growth? // Quarterly Journal of Economics. 111(1).
p. 269-276.
9. S. Bond, A. Leblebicioglu, F. Schiantarelli. 2010. Capital accumulation and growth: a new look at the empirical evidence // Journal of
Applied Econometrics. vol. 25. 7 (November). p. 1073-1099.
10. A. Bonfiglioli, G. Gancia. 2008. North-South trade and directed technical change // Journal of International Economics, Elsevier. vol.
76(2). December. p. 276-295.
11. B. Bosworth. 1993. Saving and Investment in a Global Economy // The Brookings Institution, Washington.
12. C. Carroll, D. Weil. 1994. Saving and growth: a reinterpretation // Carnegie-Rochester Conference Series on Public Policy, Elsevier.
vol. 40(1), June. p. 133-192.
13. C. Carroll, J. Overland, D. Weil. 2000. Saving and Growth with Habit Formation // American Economic Review, American Economic
Association. vol. 90(3) , June. p. 341-355.
14. B. De Long, L. Summers. 1991. Equipment Investment and Economic Growth // The Quarterly Journal of Economics, MIT Press.
vol. 106(2). May. p. 445-502.
15. M. Feldstein, C. Horioka. 1980. Domestic Saving and International Capital Flows // The Economic Journal. Vol. 90. June. p. 314329.
16. R. Hausmann, L. Pritchett, D. Rodrik. 2004. Growth Accelerations // NBER Working Papers 10566.
17. H. Houthakker. 1961. An International Comparison of Personal Saving // Bulletin of the International Statistical Institute. 38. p. 5570.
18. M. Jerzmanowski. 2007. Total factor productivity differences: Appropriate technology vs. efficiency // European Economic Review,
Elsevier. vol. 51(8). November. p. 2080-2110.
19. R. Levine, D. Renelt. 1991. Cross-country studies of growth and policy: methodological, conceptual, and statistical problems // The
World Bank. Policy Research Working Paper Series 608.
20. N. Loayza, K. Schmidt-Hebbel, L. Serven. 2000. What Drives Saving Across the World? // Review of Economics and Statistics.
82(1).
21. R. Lucas. 1988. On the Mechanics of Economic Development // Journal of Monetary Economics. 22. p. 3-42.
22. A. Maddison. 1992. A Long-Run Perspective on Saving // Scandinavian Journal of Economics, Wiley Blackwell. vol. 94(2). p. 181-196.
23. J.B. Madsen. 2002. The Causality Between Investment and Economic Growth // Economic Letters. 74. p.157-163.
24. N.G. Mankiw, D. Romer, D. Weil. 1992. A Contribution to the Empirics of Economic Growth // The Quarterly Journal of Economics,
The MIT Press. vol. 107(2). p. 407-437.
25. F. Modigliani. 1970. The Life Cycle Hypothesis of Saving and Inter-Country Differences in the Saving Ratio // Induction, Growth, and
Trade: Essays in Honor of Sir Roy Harrod, ed. by W. A. Eltis. Clarendon Press, London.
26. P. Romer. 1986. Increasing Returns and Long-Run Growth // The Journal of Political Economy. Vol. 94, 5. Oct. p. 1002-1037.
1
2’2014
27. R. Solow 1956. A Contribution to the Theory of Economic Growth // Quarterly Journal of Economics (The MIT Press). Vol.70,
65-94.
1. p.
Keywords
Economic growth; growth endogenous models; Schumpeterian growth; capital accumulation; technological progress;
technology import; global technology frontier; proximity to technology frontier; global frontier shifts; technology inappropriateness; catching-up development.
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