Growth and convergence/divergence in productivity under balance-of-payments constraint
<p class="p1">This paper presents a model of convergence/divergence in productivity for</p><p class="p1">two economies of different size and development. More precisely the model</p><p class="p1">postulates the existence of leader and follower economies. The leader has</p><p class="p1">higher levels of productivity and is technologically more advanced. The</p><p class="p1">follower economy is closely linked to the leader economy. Finally, the leader</p><p class="p1">economy issues the international reserve currency.</p>
2021 ◽
pp. 097492842110681
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