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International Capital Markets and Non-scale Growth

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  • Eicher, Theo S
  • Turnovsky, Stephen J

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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Bibliographic Info

Article provided by Wiley Blackwell 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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Cited by:
  1. Soumia Zenasni & Abderrezak Benhabib, 2013. "Capital Account Liberalization and Economic Growth in Developing Economies: An Empirical Investigation," Global Financial Markets Working Paper Series 40-2012, Friedrich-Schiller-University Jena.
  2. Stephen Turnovsky, 2000. "Growth in an Open Economy: Some Recent Developments," Working Papers 0015, University of Washington, Department of Economics.
  3. Eicher, Theo S. & Schubert, Stefan F. & Turnovsky, Stephen J., 2008. "Dynamic effects of terms of trade shocks: The impact on debt and growth," Journal of International Money and Finance, Elsevier, vol. 27(6), pages 876-896, October.
  4. Christiaans, Thomas, 2008. "International trade and industrialization in a non-scale model of economic growth," Structural Change and Economic Dynamics, Elsevier, vol. 19(3), pages 221-236, September.
  5. Theo S. Eicher & Stephen J. Turnovsky & Uwe Walz, 2000. "Optimal Policy for Financial Market Liberalizations: Decentralization and Capital Flow Reversals," German Economic Review, Verein für Socialpolitik, vol. 1(1), pages 19-42, 02.
  6. Stephen Turnovsky, 1999. "Knife-Edge Conditions and the Macroeconomics of Small Open Economies," Working Papers 0031, University of Washington, Department of Economics.
  7. Bettina Büttner, 2006. "Effectiveness versus Efficiency: Growth-Accelerating Policies in a Model of Growth without Scale Effects," German Economic Review, Verein für Socialpolitik, vol. 7, pages 297-316, 08.
  8. Shaw, Ming-Fu & Lai, Ching-Chong & Chang, Wen-Ya, 2005. "Anticipated policy and endogenous growth in a small open monetary economy," Journal of International Money and Finance, Elsevier, vol. 24(5), pages 719-743, September.
  9. Theo S Eicher & Uwe Walz & Stephen Turnovsky, 2000. "Financial Liberalization and Capital Flow Reversals:," Working Papers 0003, University of Washington, Department of Economics.
  10. Chang, Chia-Ying, 2012. "When banking systems meet currencies," Working Paper Series 2062, Victoria University of Wellington, School of Economics and Finance.

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