INCOME DISTRIBUTION AND PATTERN OF SPECIALIZATION IN OPEN ECONOMIES
Main Article Content
Abstract
In this paper we show that the positive connection between exchange rate undervaluation and structural change postulated by several unorthodox economists in recent times depends on very specific assumptions, which prevent their conclusions from being sufficiently general. To this aim, we examine the interaction among distributive variables under three different productive structures: Price-taking economies that produce tradable industrial goods, price-taking countries that produce a primary good under differential rent and, finally, price-making countries. In view that the interaction among distributive variables is a priori indeterminate, we conclude that devaluation should be very carefully considered before this policy is recommended to induce structural change.
DISTRIBUCIÓN DEL INGRESO Y PATRÓN DE ESPECIALIZACIÓN EN ECONOMÍAS ABIERTAS
RESUMEN
En este trabajo mostramos que la relación positiva entre devaluación y cambio estructural postulada por varios economistas no ortodoxos en tiempos recientes depende de supuestos muy específicos que impiden que sus conclusiones sean lo suficientemente generales. A tal fin, examinamos la interacción entre las variables distributivas en tres estructuras productivas diferentes: economías tomadoras de precios que producen bienes industriales, países tomadores de precios que producen un bien primario en condiciones de renta diferencial y, finalmente, países formadores de precios. Dado que la interacción entre las variables distributivas es a priori indeterminada, concluimos que los efectos de una devaluación deben ser cuidadosamente explorados antes de que dicha política sea recomendada como la más adecuada para inducir el cambio estructural.Article Details
Authors who publish in this journal agree to the following conditions:
a) The authors retain the copy rights (copyright) and give the journal the right of first publication, with the work also under the Creative Commons Attribution License that allows third parties to use what is published as long as they refer to the author or authors of the article. work and its publication in this journal.
b) The authors are free to make other contractual agreements for the non-exclusive distribution of the article they publish in this journal (such as including it in an institutional collection or publishing it in a book), provided that they clearly indicate the original publication of the work in this journal.