According to the view of Mazumdar (1996), as long as trade can improve the relative profitability of export goods, production function will expand. The net imports of capital goods and the net export of consumption goods will lead to the decline of depreciation. Both of these two factors will promote the rise of capital accumulation. Empirical results show that whether the trade structure can bring about increases of investment rate depends on the efficiency of the financial market. Those factors such as lower rate of savings-investment conversion, stronger banking system monopoly power, and higher operating costs weakened the positive effect of capital goods import on capital accumulation.
张小蒂 王永齐. 金融市场约束下贸易结构引致资本积累的有效性检验[J]. 浙江大学学报(人文社会科学版), 2011, 41(6): 67-80.
Zhang Xiaodi Wang Yongqi. An Empirical Test on the Validity of Capital Accumulation Caused by Trade Structure under Financial Market Constraints. , 2011, 41(6): 67-80.