Relative prices and relative prosperity

• 成果类型: Article
• 署名作者: Hsieh, Chang-Tai; Klenow, Peter J.
• 署名单位: University of California System; University of California Berkeley; Stanford University; National Bureau of Economic Research; National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.97.3.562
• 发表日期: 2007
• 页码: 562-585
• 关键词: economic-growth; INVESTMENT; GOODS; DYNAMICS; TRADE; COSTS

摘要

The positive correlation between real investment rates and real income levels across countries is driven largely by differences in the price of investment relative to output. The high relative price of investment in poor countries is due to the low price of consumption goods in those countries. Investment prices. are no higher in poor countries. Thus, the low real investment rates in poor countries are not driven by high tax or tariff rates on investment. Poor countries, instead, appear to be plagued by low efficiency in producing investment goods and in producing consumer goods to trade for them.