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Report
Technological diffusion through trade and imitation
Connolly, Michelle P. (1997)
An endogenous growth model is developed demonstrating both static and dynamic gains from trade for developing nations due to the beneficial effects of trade on imitation and technological diffusion. The concept of learning-to-learn in both imitative and innovative processes is incorporated into a quality ladder model with North-South trade. Domestic technological progress occurs via innovation or imitation, while growth is driven by technological advances in the quality of domestically available inputs, regardless of country of origin. In the absence of trade, Southern imitation of Northern ...
Staff Reports , Paper 20

Working Paper
Debt buybacks signal sovereign countries' creditworthiness: theory and tests
Acharya, Sankarshan (1991)
Finance and Economics Discussion Series , Paper 180

Report
Larger crises, slower recoveries: the asymmetric effects of financial frictions
Ordonez, Guillermo L. (2009)
It is well known that movements in lending rates are asymmetric; they rise quickly and sharply, but fall slowly and gradually. Not known is the fact that the asymmetry is stronger the less developed a country's financial system is. This new fact is here documented and explained in a model with an endogenous flow of information about economic conditions. The stronger asymmetry in less developed countries stems from their greater financial system frictions, such as monitoring and bankruptcy costs, which first magnify jumps of lending rates and then delay their recoveries by restricting the ...
Staff Report , Paper 429

Working Paper
Globalization of production and the technology transfer paradox
Lai, Edwin L.-C. (2008)
This paper develops a growth model aimed at understanding the effects of globalization of production on rate of innovation, distribution of labor income between the North and South and welfare of workers in both regions. We adopt a dynamic general equilibrium product cycle model, assuming that the North specializes in innovation and the South specializes in imitation. Globalization of production resulting from trade liberalization and imitation of the North?s technology by the South increases the rate of innovation. When the South?s participation in the product cycle is not too deep, further ...
Working Papers , Paper 0810

Report
Capital flows & current account deficits in the 1990s: why did Latin America & East Asian countries respond differently?
Antzoulatos, Angelos A. (1996)
The return of private capital to highly indebted less-developed countries (LDCs) in the late 1980s was accompanied by widening current account deficits in the recipient countries, which were primarily attributed to a consumption boom in Latin America and an investment surge in East Asia. Interpreting the return as an increase in the external debt ceiling, the maximum amount that can be borrowed, this paper analyzes and compares the different response of the two regions using the conceptual framework of a borrowing-constrained agent. According to it, an increase in the debt ceiling can reduce ...
Research Paper , Paper 9610

Working Paper
Can debtor countries service their debts? Income and price elasticities for exports of developing countries
McNeilly, Caryl; Marquez, Jaime R. (1986)
Interest in income and price elasticities for international trade has increased recently because of the debt crisis that many developing countries are experiencing. Estimates of income elasticities of import demand, however, range from a low of 1.3 to a high of 4.7. Such differences have important implications for debtor and creditor countries alike. Using quarterly data for the period 1973-1981, this paper estimates income and price elasticities for non-oil imports of five major industrial countries from non-OPEC developing countries. The empirical results suggest that the income elasticity ...
International Finance Discussion Papers , Paper 277

Journal Article
The Baker Plan: a new initiative
Cheng, Hang-Sheng (1985)
FRBSF Economic Letter

Journal Article
Commercial bank lending to developing countries
Sargen, Nicholas (1976-04)
Economic Review , Issue Spr , Pages 20-31

Conference Paper
The trade, migration, and development nexus
Martin, Philip L. (2006)
This paper deals with migrants' role in stimulating development in their countries of origin, outlining the three major channels through which migration can affect development: recruitment, remittances, and returns. It next turns to the North American Free Trade Agreement (NAFTA), assessing the relevance of the Mexico-United States migration hump for migration, trade, and development elsewhere. The paper concludes that migrants can accelerate development in their countries of origin but finds nothing mechanical or automatic about the migration and development linkage. Countries growing and ...
Proceedings

Journal Article
An LDC debt update
Cheng, Hang-Sheng (1985)
FRBSF Economic Letter

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