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International Capital Markets and Non-scale Growth

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Author Info
Eicher, Theo S
Turnovsky, Stephen J

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Abstract

New growth models exhibit "scale effects," meaning that variations in the levels of key variables exert permanent influences on growth rates. Such predictions run counter to recent empirical evidence. This paper extends a general non-scale model to the open economy. With complete capital markets, only output and capital, but not consumption, retain their non-scale structure. Introducing capital market imperfections, the model is again fully non-scale. Debt subsidies are analyzed and shown to provide capital flow reversals consistent with the recent experience in East Asia. Copyright 1999 by Blackwell Publishing Ltd.

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

Volume (Year): 7 (1999)
Issue (Month): 2 (May)
Pages: 171-88
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Handle: RePEc:bla:reviec:v:7:y:1999:i:2:p:171-88

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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  1. 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:
  2. Stephen Turnovsky, 1999. "Knife-Edge Conditions and the Macroeconomics of Small Open Economies," Discussion Papers in Economics at the University of Washington 0031, Department of Economics at the University of Washington. [Downloadable!]
    Other versions:
  3. Theo S Eicher & Uwe Walz & Stephen Turnovsky, 2000. "Financial Liberalization and Capital Flow Reversals:," Discussion Papers in Economics at the University of Washington 0003, Department of Economics at the University of Washington. [Downloadable!]
    Other versions:
  4. Trofimov Georgy, 2003. "Regimes of Growth and Economic Integration. Why Poor Countries Cannot Join the "Club" of the Rich?," EERC Working Paper Series 03-03e, EERC Research Network, Russia and CIS. [Downloadable!]
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This page was last updated on 2009-11-22.

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