Retained value and the export performance of developing countries

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Abstract
Conventional export statistics are frequently employed both as a guide to the export performance of developing countries and as an indicator of the role of the export sector in economic development. The thesis advanced in the paper is that for a number of specific areas, including the stabilization of export earnings, terms of trade and the degree of raw material processing undertaken by developing countries, the relevant variable is not the nominal value of exports but rather that portion which is retained by the domestic economy, i.e., retained value. This concept has a long history in the literature under a variety of names and formulations, and the paper presents elements common to the various definitions and illustrates uses, both positive and normative, to which the concept of retained value can be put.

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