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Can growth be wage-led in small open developing economies?

Jaime Ros

Keywords: small open economy; growth and distribution; tradables and non-tradables sector

This paper investigates the conditions under which wage-led and profit-led growth can take place in a small open developing economy. It presents a model in which three sectors coexist: a capital-intensive tradables sector, a capital-intensive modern non-tradables sector and a labor-intensive traditional or non-capitalist sector producing non-tradable services. The analysis highlights the role and importance of the modern non-tradables sector in the economy (banking and insurance, construction, water, gas, electricity, transport, and communications), showing to what extent the presence of this sector modifies the conditions for wage-led and profit-led growth.

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