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Monetary Expansion, International Trade and Capital Accumulation

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  • Y. ALLEN TSO

Abstract

This paper considers the long‐run domestic and foreign effects of a domestic monetary expansion in a two‐country model in which the processes of capital accumulation at home and abroad interact with each other via international trade. We investigate the global stability conditions and their relationship with the comparative dynamic effects of a monetary expansion in the model. In particular, we show that under plausible global stability conditions the early analytical results obtained by Roberts (1978) and Shieh (1984) may be reversed in the two‐country model.

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  • Y. Allen Tso, 1988. "Monetary Expansion, International Trade and Capital Accumulation," The Economic Record, The Economic Society of Australia, vol. 64(2), pages 113-119, June.
    • Handle: RePEc:bla:ecorec:v:64:y:1988:i:2:p:113-119
    DOI: 10.1111/j.1475-4932.1988.tb02046.x
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    References listed on IDEAS

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    1. William W. Roberts, 1978. "Monetary Expansion in an Open Economy of Intermediate Size," The Economic Record, The Economic Society of Australia, vol. 54(3), pages 380-386, December.
    2. Burmeister,Edwin, 1980. "Capital Theory and Dynamics," Cambridge Books, Cambridge University Press, number 9780521297035.
    3. Roberts, William W, 1978. "Monetary Expansion in an Open Economy of Intermediate Size," The Economic Record, The Economic Society of Australia, vol. 54(147), pages 380-386, December.
    4. Yeung‐Nan Shieh, 1984. "On Monetary Expansion, Terms of Trade and Economic Growth," The Economic Record, The Economic Society of Australia, vol. 60(2), pages 128-132, June.
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