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Market Led Industrialization and Globalization
( Jeffrey Sachs ),( Xiao Kai Yang ) 세종대학교 경제통합연구소 2002 Journal of Economic Integration Vol.17 No.2
The paper introduces asymmetric production conditions between firms and asymmetric transaction conditions between countries into the Murphy-Shleifer-Vishny model of industrialization. It explores a general equilibrium mechanism that generates circular causation loop that each firm`s profitability and its decision of involvement in a network of industrial linkages is determined by the size of the network, while the network size is in turn determined by all firms` decisions of participation. It shows that the very function of the market is to network relevant self-interested decision-makers and to utilize the network effects of industrialization, though this function is not perfect. Hence, market led industrialization will gradually spread until the whole world economy is integrated in a single network of trade and industrial linkages as trading efficiency is improved. This paper devises a new approach to specifying zero profit condition for a marginal modern firm, while keeping original feedback loop between positive profit and the extent of the market of the MSV model. Hence, this new method and the trade off between economies of scale and transaction costs can be used to endogenize the number of modern sectors, thereby increasing applicability of this type of models.
Market Led Industrialization and Globalization
Sachs, Jeffrey,Yang, Xiaokai 세종대학교 국제경제연구소 2002 Journal of Economic Integration Vol.17 No.2
The paper introduces asymmetric production conditions between firms and asymmetic transaction conditions between countries into the Murphy-Shleifer-Vishny model of industrialization. It explores a general equilibrium mechanism that generates circular causation loop that each firm's profitability and its decision of involvement in a network of industrial linkages is determined by the size of the network, while the network size isin turn determined by all firms' decisions of participation. It shows that the very function of the marker is to network relevent self-imterested decision-markers and to utilize the network effects of industrialization, though this function is not perfect. Hence, market led industrialization will gradually spread until the whole world economy is integrated in a single network of trade and industrial linkages as trading efficiency is improved. This paper devises a new approach to apecifying zero profit condition for a marginal modern firm, while keeping original feedback loop between positive profit and the extent of the market of the MSV model. Hence, this new method and the trade off between economies of scale and transaction costs can be used to endogenize the number of modern sectors, thereby increasing applicability of this type of models.
International Linkages of the korean Economy: Simulations with the Korean Global Model
Peter Boone,Jong-Wha Lee,Jeffrey Sachs 서울대학교 경제연구소 1993 Seoul journal of economics Vol.6 No.4
This paper introduces a dynamic general equilibrium model of the Korean economy. The Korean economy has nine producing sectors and is linked to other blocks in the world, which consists of the U.S., Japan, Rest of the OECD, OPEC, and other economies. Some simulation results are presented to show the functioning of the Korean economy and its linkages to the world economy given internal and external policy changes.