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Equilibrium Growth in a Small Economy Facing an Imperfect World Capital Market

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Author Info
Turnovsky, Stephen J

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Abstract

A growth model of a developing economy facing an upward-sloping supply curve of debt is analyzed. Equilibrium is characterized by transitional dynamics in which consumption, capital, and debt converge to a common growth rate. The adjustment is through the debt-capital ratio, which drives the borrowing rate to a level at which growth rates are equalized. The economy is subject to two externalities: a production externality associated with government expenditure, and a financial externality associated with the upward-sloping supply of debt. The tax structure that enables the decentralized economy to attain the first-best equilibrium is characterized. Copyright 1997 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Development Economics.

Volume (Year): 1 (1997)
Issue (Month): 1 (February)
Pages: 1-22
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Handle: RePEc:bla:rdevec:v:1:y:1997:i:1:p:1-22

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  1. Stephen Turnovsky, 1999. "Knife-Edge Conditions and the Macroeconomics of Small Open Economies," Working Papers 0031, University of Washington, Department of Economics. [Downloadable!]
    Other versions:
  2. Stephen Turnovsky, 2000. "Growth in an Open Economy: Some Recent Developments," Discussion Papers in Economics at the University of Washington 0015, Department of Economics at the University of Washington. [Downloadable!]
    Other versions:
  3. Schubert, Stefan Franz, 2009. "Coping with Externalities in Tourism - A Dynamic Optimal Taxation Approach," MPRA Paper 16736, University Library of Munich, Germany. [Downloadable!]
  4. Jill A. Holman, 2000. "Government budgetary policies, economic growth, and currency substitution in a small open economy," Research Working Paper RWP 00-08, Federal Reserve Bank of Kansas City. [Downloadable!]
  5. Kuralbayeva, Karlygash & Vines, David, 2006. "Terms of Trade Shocks in an Intertemporal Model: Should We Worry about the Dutch Disease or Excessive Borrowing?," CEPR Discussion Papers 5857, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Rómulo A. Chumacero & Rodrigo Fuentes & Klaus Schmidt-Hebbel, 2004. "Chile’s Free Trade Agreements: How Big is The Deal?," Working Papers Central Bank of Chile 264, Central Bank of Chile. [Downloadable!]
  7. Pierre-Richard Agénor & Devrim Yilmaz, 2008. "Aid Allocation, Growth and Welfare with Productive Public Goods," Centre for Growth and Business Cycle Research Discussion Paper Series 95, Economics, The Univeristy of Manchester. [Downloadable!]
  8. Romulo Chumacero & Rodrigo Fuentes, 2004. "Chile's Free Trade Deals with the EU and the US: A Big Deal?," Econometric Society 2004 Far Eastern Meetings 661, Econometric Society. [Downloadable!]
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This page was last updated on 2009-11-22.

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