2012 № 4

The impact of capital inflow on economic specialization


In this study we analyze medium- and long-term effects of capital market international integration on production specialization in the world economy. We integrate the concept of induced technical change into the Heckscher-Ohlin model with continuum of final goods. As a result we get a complex theory that refers to a dynamic competitive advantages based on the difference in effective factor endowment between countries. Our model allows to explain the change in production specialization of Central and East European countries (CEECs) in the last two decades and to support transition countries to determine foreground production sectors.

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Oleg S.  Mariev — Cand. Sci. (Econ.), Associate Professor, Head of the Department of Econometrics and Statistics, Institute of the Higher School of Economics and Management, Ural Federal University named after the first President of Russia B. N. Yeltsin (Ekaterinburg, Russian Federation; e-mail: o.s.mariev@urfu.ru).

Elena P. Naberezhneva – Cand. Sci. (Phys.-Math.), Associate professor, Head of the Department of Natural and Humanitarian Sciences, Ural Branch of Admiral Makarov State University of Maritime and Inland Shipping (Ekaterinburg, Russian Federation; e-mail: naber2@mail.ru).

Ivan V. Savin – Graduate student, Institute of Economics of the Ural Branch of the Russian Academy of Sciences (Ekaterinburg, Russian Federation; e-mail: ivansavin@hotmail.com).