Certain stylized facts are common among successful economic latecomers: an inverse U-shaped gross domestic product and capital per capita growth rate, high growth rates during the catch-up period, and rapid structural changes. This paper, for the first time, proposes a general equilibrium...

Successful economic latecomers have certain stylized facts: an inverse U-shaped growth rate, high growth rates of per capita output with high capital returns, and rapid structural changes. In this paper, we document for the first time a catch-up cycle that successful latecomers likely...

This paper studies the causes, mechanisms and consequences of decreasing firm value and welfare loss in an economy under a fixed exchange rate regime when there is an unexpected appreciation in domestic currency. We also study the possible economic crisis caused by the exchange rate shock. We...