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Equilibrium, convergence, and capital mobility in neoclassical models of growth

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  • Birchenall, Javier A.

Abstract

We study convergence in economies integrated by capital trade. Equilibrium generates transitional dynamics even in the absence of internal adjustment costs or borrowing constraints. Trade lowers the speed of convergence of capital-importing economies but increases the convergence of capital-exporting economies.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 1 (April)
Pages: 10-13

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Handle: RePEc:eee:ecolet:v:99:y:2008:i:1:p:10-13

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Web page: http://www.elsevier.com/locate/ecolet

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  1. Stokey, Nancy L, 1996. " Free Trade, Factor Returns, and Factor Accumulation," Journal of Economic Growth, Springer, vol. 1(4), pages 421-47, December.
  2. Petr Duczynski, 2000. "Capital Mobility in NeoClassical Models of Growth: Comment," American Economic Review, American Economic Association, vol. 90(3), pages 687-694, June.
  3. Stephen J. Turnovsky & Marcelo Bianconi, 1992. "The International Transmission of Tax Policies in a Dynamic World Economy," NBER Working Papers 4086, National Bureau of Economic Research, Inc.
  4. Kremer, Michael & Thomson, James, 1998. " Why Isn't Convergence Instantaneous? Young Workers, Old Workers, and Gradual Adjustment," Journal of Economic Growth, Springer, vol. 3(1), pages 5-28, March.
  5. Ruffin, Roy J, 1979. "Growth and the Long-Run Theory of International Capital Movements," American Economic Review, American Economic Association, vol. 69(5), pages 832-42, December.
  6. D. K. Foley & M. Sidrauski, 1968. "Portfolio Choice, Investment, and Growth," Working papers 24, Massachusetts Institute of Technology (MIT), Department of Economics.
  7. Barro, R. & Mankiw, G., 1992. "Capital Mobility in Neoclassical Models of Growth," Harvard Institute of Economic Research Working Papers 1615, Harvard - Institute of Economic Research.
  8. Marcelo Bianconi & Stephen J. Turnovsky, 1997. "International Effects of Government Expenditure in Interdependent Economies," Canadian Journal of Economics, Canadian Economics Association, vol. 30(1), pages 57-84, February.
  9. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
  10. Stephen J. Turnovsky, 1997. "International Macroeconomic Dynamics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262201119, December.
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Cited by:
  1. Cazzavillan, Guido & Olszewski, Krzysztof, 2011. "Skill-biased technological change, endogenous labor supply and growth: A model and calibration to Poland and the US," Research in Economics, Elsevier, vol. 65(2), pages 124-136, June.

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