Keynesian and Schumpeterian efficiency in a BOP-constrained growth model

Abstract

The paper aims to contribute to the debate on specialization and growth in two forms. First, it develops a north-south model in which the ratio between the income elasticity of exports and imports in the south (which gives the rate of growth compatible with external equilibrium) depends on the Keynesian and Schumpeterian efficiencies of the pattern of specialization, as defined by Dosi et al. (1990). Second, the model is tested by including the technology gap and proxies for the pattern of specialization (Keynesian and Schumpeterian efficiency) in Keynesian growth regressions. Several estimation procedures are used to test the model, among which is finite mixture estimation, which allows for more robust estimations of the parameters for homogeneous groups of countries.

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