The application of A. Maizels' expost formulation of the the Chenery-Strout growth model to Peru
Abstract
Economic theory has produced many dynamic models of economic
growth and development, some of which take into account the export-import
sector and balance of payments problem so vital to underdeveloped
countries. These models are either product-market oriented,
money-market oriented, or some combination of both. Those that are
product-market oriented generally take the import sector as exogenously
determined or changing at some specific, usually constant, rate and
then analyze the export sector with respect to it; suggesting that in
accordance with the theory of comparative advantage, an underdeveloped
country should expand its production of export good or goods in which it
possesses a comparative advantage, as a means of improving its balance
of payments position and moving towards sustained economic growth.
Some of these dynamic theoretical models have not been tested with
actual data from underdeveloped nations, largely due to the problem of
obtaining reliable data from these countries. Those that have been
tested, have used, for the most part, data that ranged over only a short
period of time, due to the problem stated above. Several of the more
important contributions are summarized in the following section.
Collections
- Masters Theses [19683]