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Capital Mobility in Neoclassical Models of Growth

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Author Info
Barro, Robert J
Mankiw, N Gregory
Sala-i-Martin, Xavier

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Abstract

The neoclassical growth model accords with empirical evidence on convergence if capital is viewed broadly to include human investments, so that diminishing returns to capital set in slowly, and if differences in government policies or other variables create substantial differences in steady-state positions. However, open-economy versions of the theory predict higher rates of convergence than those observed empirically. The authors show that the open-economy model conforms with the evidence if an economy can borrow to finance only a portion of its capital, for example, if human capital must be financed by domestic savings. Copyright 1995 by American Economic Association.

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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 85 (1995)
Issue (Month): 1 (March)
Pages: 103-15
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Handle: RePEc:aea:aecrev:v:85:y:1995:i:1:p:103-15

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1991-1), pages 107-182. [Downloadable!]
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  4. Walter Garcia-Fontes & Hugo Hopenhayn, 2000. "Entry restrictions and the determination of quality," Spanish Economic Review, Springer, vol. 2(2), pages 105-127. [Downloadable!] (restricted)
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  5. Rebelo, Sergio, 1991. "Long-Run Policy Analysis and Long-Run Growth," Journal of Political Economy, University of Chicago Press, vol. 99(3), pages 500-521, June. [Downloadable!] (restricted)
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  6. Paul M. Romer, 1987. "Crazy Explanations for the Productivity Slowdown," NBER Chapters, in: NBER Macroeconomics Annual 1987, Volume 2, pages 163-210 National Bureau of Economic Research, Inc. [Downloadable!]
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  9. Marimon, R. & Spear, S. & Sunder, S., 1991. "Expectationally-Driven Market Volatility: An Experimental Study," GSIA Working Papers 1991-3, Carnegie Mellon University, Tepper School of Business.
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  10. Walter Garcia Fontes, 1993. "Price Competition in Segmented Industries," Economics Working Papers 34, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  11. Albert Marcet & Ramon Marimon, 1992. "Communication, commitment, and growth," Discussion Paper / Institute for Empirical Macroeconomics 74, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  12. Daniel Cohen & Jeffrey Sachs, 1985. "Growth and External Debt Under Risk of Debt Repudiation," NBER Working Papers 1703, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  13. Robert J. Barro, 1991. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  14. Massimo Motta & George Norman, 1993. "Does Economic Integration Cause Foreign Direct Investment?," Economics Working Papers 28, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  16. Barro, R.J. & Sala-I-Martin, X., 1991. "Convergence," Papers 645, Yale - Economic Growth Center.
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  17. Juan P. Nicolini, 1992. "Ruling out Speculative Hyperinflations: A Game Theoretic Approach," Economics Working Papers 14, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  18. Ramon Marimon, 1993. "Adaptive Learning, Evolutionary Dynamics and Equilibrium Selection in Games," Economics Working Papers 23, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  19. Xavier Cuadras, 1994. "Perishable Medium of Exchange (Can Ice Cream be Money?)," Economics Working Papers 80, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  20. Giorgia Giovannetti & Albert Marcet & Ramon Marimon, 1993. "Growth, Capital Flows and Enforcement Constaints: The Case of Africa," Economics Working Papers 22, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  21. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation, Yale University. [Downloadable!]
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  23. Levine, Ross & Renelt, David, 1991. "A sensitivity analysis of cross-country growth regressions," Policy Research Working Paper Series 609, The World Bank. [Downloadable!]
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  24. Cabrales, Antonio, 2000. "Stochastic Replicator Dynamics," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 41(2), pages 451-81, May.
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  25. Raffaela Giordano, 1992. "A Model of Inflation and Reputation with Wage Bargaining," Economics Working Papers 72, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 1994. [Downloadable!]
  26. Xavier Calsamiglia & Alan Kirman, 1991. "A Unique Informationally Efficient and Decentralized Mechanism with Fair Outcomes," Economics Working Papers 7, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  27. Juan P. Nicolini, 1993. "More on the Time Inconsistency of Optimal Monetary Policy," Economics Working Papers 56, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  28. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July. [Downloadable!] (restricted)
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