Seasons, savings and GDP
The industrial revolution and the subsequent industrialization of the economies occurred Orst in temperate regions. We argue that this and the associated positive correlation between absolute latitude and GDP per capita is due to the fact that countries located far from the equator suffered more pro...
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| Formato: | Documento de trabajo (Working Paper) |
| Lenguaje: | Español (Spanish) |
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Universidad del Rosario
2008
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| Acceso en línea: | http://repository.urosario.edu.co/handle/10336/10936 |
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ir-10336-109362019-09-19T12:37:01Z Seasons, savings and GDP Zuleta, Hernando Producción Desarrollo económico Crecimiento endógeno (Economía) Ahorro e inversión Activos de capital Producto interno bruto. pib absolute latitude seasons endogenous growth capital using innovations The industrial revolution and the subsequent industrialization of the economies occurred Orst in temperate regions. We argue that this and the associated positive correlation between absolute latitude and GDP per capita is due to the fact that countries located far from the equator suffered more profound seasonal auctuations in climate, namely stronger and longer winters. We propose a growth model of biased innovations that accounts for these facts and show that countries located in temperate regions were more likely to create or adopt capital intensive modes of production. The intuition behind this result is that savings are used to smooth consumption; therefore, in places where output auctuations are more profound, savings are bigger. Because the incentives to innovate depend on the relative supply factors, economies where savings are bigger are more likely to create or adopt capital intensive technologies. 2008 2015-09-30T16:08:57Z info:eu-repo/semantics/workingPaper info:eu-repo/semantics/acceptedVersion http://repository.urosario.edu.co/handle/10336/10936 Universidad del Rosario spa info:eu-repo/semantics/openAccess application/pdf Universidad del Rosario Facultad de Economía instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR instname:Universidad del Rosario |
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EdocUR - Universidad del Rosario |
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DSpace |
| language |
Español (Spanish) |
| topic |
Producción Desarrollo económico Crecimiento endógeno (Economía) Ahorro e inversión Activos de capital Producto interno bruto. pib absolute latitude seasons endogenous growth capital using innovations |
| spellingShingle |
Producción Desarrollo económico Crecimiento endógeno (Economía) Ahorro e inversión Activos de capital Producto interno bruto. pib absolute latitude seasons endogenous growth capital using innovations Zuleta, Hernando Seasons, savings and GDP |
| description |
The industrial revolution and the subsequent industrialization of the economies occurred Orst in temperate regions. We argue that this and the associated positive correlation between absolute latitude and GDP per capita is due to the fact that countries located far from the equator suffered more profound seasonal auctuations in climate, namely stronger and longer winters. We propose a growth model of biased innovations that accounts for these facts and show that countries located in temperate regions were more likely to create or adopt capital intensive modes of production. The intuition behind this result is that savings are used to smooth consumption; therefore, in places where output auctuations are more profound, savings are bigger. Because the incentives to innovate depend on the relative supply factors, economies where savings are bigger are more likely to create or adopt capital intensive technologies. |
| format |
Documento de trabajo (Working Paper) |
| author |
Zuleta, Hernando |
| author_facet |
Zuleta, Hernando |
| author_sort |
Zuleta, Hernando |
| title |
Seasons, savings and GDP |
| title_short |
Seasons, savings and GDP |
| title_full |
Seasons, savings and GDP |
| title_fullStr |
Seasons, savings and GDP |
| title_full_unstemmed |
Seasons, savings and GDP |
| title_sort |
seasons, savings and gdp |
| publisher |
Universidad del Rosario |
| publishDate |
2008 |
| url |
http://repository.urosario.edu.co/handle/10336/10936 |
| _version_ |
1645141812094959616 |
| score |
12,111491 |