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When Pakistan became an independent country a serious obstacle to rapid industrialization was an almost complete lack of industrial accountants. The author tells how a small group of men set out to create—with valuable aid from Canada—a new profession.
In a period when external financial aid to developing countries is increasing less rapidly than before, one question emerges ever more sharply: how can developing countries mobilize all possible domestic resources for financing their industrialization?
This paper investigates the effect of timeliness in accessing the intermediate inputs on the
trade pattern. In particular, any country that has a higher ability to transport goods on time
has a comparative advantage in industries that place a higher value on the timely delivery of
their inputs, and this comparative advantage pattern is stronger for processed goods than for
primary goods. To do this, a measure for how intensively any industry demands for the
timely delivery of its intermediate inputs is constructed combining Hummels and Schaur
(2013)’s calculations of the time sensitivity of products with the input-output tables.
This paper analyzes the dynamic interactions between the precision of information, technological development, and welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous effects on technological progress and welfare, which depend critically on the risk sharing capacity of the economy's financial system. For example, we show that with efficient risk sharing more precise information adversely affects the equilibrium risk allocation and creates a negative uncertainty-related welfare effect, at the same time as it accelerates technological progress and increases R&D investment.