摘要：This paper identifies a non-linear pattern of industrialization. A panel regression suggests that the manufacturing/GDP share reaches its peak when the developing country’s GDP/capita reaches about 60% of the US GDP/capita, and that financial depth is associated with a higher manufacturing share. We provide an interpretation for the above findings in a global economy characterized by a traded manufacturing industry, where the number of varieties is endogenously determined, and non traded services. While de-industrialization would have occurred even in the absence of the emerging markets, their presence magnifies this process for the high-income countries.
