Transitional Dynamics and Economic Growth in Developing Countries
Four stylised facts of aggregate economic growth are set up initially. The growth process is interpreted to represent transitional dynamics rather than balanced-growth equilibria. Against this background, the fundamental importance of subsistence consumpt
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Thomas Steger
Transitional Dynamics and Economic Growth in Developing Countries
Springer
Author Dr. Thomas Steger DGZ Deka Bank Economics Research Department Mainzer LandstraBe 16 60325 Frankfurt, Germany
This study was supported by the Friedrich-Naumann-Foundation with financical of the German Federeal Ministry of Education and Research. Library of Congress Cataloging-in-Publication Data Steger, Thomas, 1966Transitional dynamics and economic growth in developing countries / Thomas Steger. p. cm. -- (Lecture notes in economics and mathematical systems, ISSN 0075-8442 ; 489) Includes bibliographical references. ISBN-13: 978-3-540-67563-1 1. Economic development--Mathematica1 models. 2. Consumption (Economics)--Mathematica1 models. 3. Endogenous growth (Economics)-Mathematica1 models. 4. Equilibrium (Economics)--Mathematical models. 5. Developing .. countries--Economic conditions. 6. Developing countries--Economic policy. I. Title. II. Series. HD82 .S8245 2000 338.9'009 I72'4--dc21
00-032975
ISSN 0075-8442 ISBN-13: 978-3-540-67563-1
e-ISBN-13: 978-3-642-45784-5
001: 10.1007/978-3-642-45784-5
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer-Verlag Berlin Heidelberg New York a member of BertelsmannSpringer Science+Business Media GmbH © Springer-Verlag Berlin Heidelberg 2000 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. "Gedruckt mit UntersUitzung der Deutschen Forschungsgemeinschaft D467" Typesetting: Camera ready by author Printed on acid-free paper SPIN: 10770908 4113143/du 543210
Foreword
Since the renaissance of growth theory in the late 1980s, when Robert Lucas and Paul Romer published their pioneering papers, an impressive number of models have been developed. For years economic growth has been one of the most active fields in economic research and economists' understanding of growth has improved considerably during this time. Since the emergence of 'New Growth Theory' economists faced the challenge to model the transition towards long-run equilibria in closer accordance with the stylised facts. In addition, a more sophisticated analysis of convergence in the cross-section of countries has emerged. All in all, theory can now reproduce a huge
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