This paper presents an explicit model of the link between the 1992 market
liberalization and the aggregate marginal productivity of EC capital. We show
that the liberalization is likely to lead to a ceteris paribus rise in
capital's marginal product and thereby raise the steady-state capital-labor
ratio. The comparative steady-state impact of 1992 on output is roughly
quantified.
*Published:
"On the Measurement od Dynamic Effects of Integration", Empirica, Vol. 20,pp 129-145, 1993.
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