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Dynamic Externalities and Policy Coordination

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Author Info
Datta, Manjira
Mirman, Leonard J

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Abstract

The paper introduces trade into dynamic models with externalities and capital accumulation, and evaluates the efficiency of the Cournot-Nash equilibrium. It considers mixed economies characterized by a blend of strategic and nonstrategic sectors. Also, there are two sources of interdependence: the existence of production externalities and the endogenous determination of market prices. It is shown that policy coordination is not needed when preferences are the same. In this case, the production externalities are internalized, so that an inefficient solution becomes the efficient integrated world equilibrium due to trade. Copyright 2000 by Blackwell Publishing Ltd.

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

Volume (Year): 8 (2000)
Issue (Month): 1 (February)
Pages: 44-59
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Handle: RePEc:bla:reviec:v:8:y:2000:i:1:p:44-59

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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.:
  1. Tito Cordella & Manjira Datta, 1995. "Intertemporal Cournot and Walras Equilibrium: An Illustration," Economics Working Papers 125, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  2. Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics. [Downloadable!]
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  3. Fischer, Ronald D. & Mirman, Leonard J., 1996. "The Compleat Fish Wars: Biological and Dynamic Interactions," Journal of Environmental Economics and Management, Elsevier, vol. 30(1), pages 34-42, January. [Downloadable!] (restricted)
  4. Canzoneri, Matthew B & Gray, Jo Anna, 1985. "Monetary Policy Games and the Consequences of Non-cooperative Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(3), pages 547-64, October. [Downloadable!] (restricted)
  5. Galor, Oded, 1986. "Global dynamic inefficiency in the absence of international policy coordination: A north-south case," Journal of International Economics, Elsevier, vol. 21(1-2), pages 137-149, August. [Downloadable!] (restricted)
  6. Adam B. Jaffe, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits and Market Value," NBER Working Papers 1815, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Chang, Roberto, 1990. "International coordination of fiscal deficits," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 347-366, June. [Downloadable!] (restricted)
  8. Dattaê, M. & Mirman, L., 1994. "Dynamic Capital Interactions, Externalities and Trade," CORE Discussion Papers 1994009, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  9. V.V. Chari & Patrick J. Kehoe, 1989. "International coordination of fiscal policy in limiting economies," Staff Report 121, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  10. Fischer, Ronald D. & Mirman, Leonard J., 1992. "Strategic dynamic interaction : Fish wars," Journal of Economic Dynamics and Control, Elsevier, vol. 16(2), pages 267-287, April. [Downloadable!] (restricted)
  11. Hamada, Koichi, 1976. "A Strategic Analysis of Monetary Interdependence," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 677-700, August. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Manjira Datta & Leonard Mirman & Olivier Morand & Kevin Reffett, . "Lattice Methods in Computation of Sequential Markov Equilibrium in Dynamic Games," Working Papers 2179545, Department of Economics, W. P. Carey School of Business, Arizona State University. [Downloadable!]
  2. P. Demetriades, 1998. "International Aspects of Public Infrastructure Investment," CIBS Research Papers in International Business 8-98, London South Bank University CIBS. [Downloadable!]
    Other versions:
  3. Klaus Reiner Schenk-Hoppé, . "Sample-Path Stability of Non-Stationary Dynamic Economic Systems," IEW - Working Papers iewwp046, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  4. Akihiko Yanase, 2005. "Pollution Control in Open Economies: Implications of Within-period Interactions for Dynamic Game Equilibrium," Journal of Economics, Springer, vol. 84(3), pages 277-311, 05. [Downloadable!] (restricted)
  5. Leonard J. Mirman & Klaus Reiner Schenk-Hoppé, . "Financial Markets and Stochastic Growth," IEW - Working Papers iewwp066, Institute for Empirical Research in Economics - IEW. [Downloadable!]
    Other versions:
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