Growth in open economies
AbstractThe author surveys recent growth models that try to explain the diversity among countries in rates of economic growth. The author finds that these models can generate differences in growth rates only in the absence of international capital markets. Under these models, if there were free international capital mobility, the growth rate of consumption and GNP would quickly be equalized all over the world. The author describes a simple modification of standard preferences that eliminates this implausible equalization of growth and is consistent with the fact that the savings rate is lower in poor countries than in rich countries.
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Bibliographic InfoArticle provided by Elsevier in its journal Carnegie-Rochester Conference Series on Public Policy.
Volume (Year): 36 (1992)
Issue (Month): 1 (July)
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Web page: http://www.elsevier.com/locate/jme
Other versions of this item:
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O49 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Other
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