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Growth via External Public Debt and Capital Controls

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  • Dellas, Harris
  • Galor, Oded

Abstract

This paper analyzes strategies for economic growth in a small, open, overlapping-generations economy that has access to perfect international capital markets and is characterized in autarky by multiple, locally stable, stationary equilibria. The study designs a growth scheme consisting of external public debt and controls on private capital outflows. This policy permits the economy to move from a low to a high output stationary equilibrium. The policy may be Pareto welfare improving if it is gradualistic and if the economy's rate of convergence to the better equilibrium is faster than the rate of debt accumulation. Copyright 1992 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 33 (1992)
Issue (Month): 2 (May)
Pages: 269-81

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Handle: RePEc:ier:iecrev:v:33:y:1992:i:2:p:269-81

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Cited by:
  1. Hamada, K. & Sakuragawa, M., 1993. "Capital Flight, North-South Lending, and Stages of economic Development," Papers, Yale - Economic Growth Center 682, Yale - Economic Growth Center.
  2. Shuanglin Lin, 1994. "Capital taxation and accumulation in a growing world economy with deficit finance," International Tax and Public Finance, Springer, Springer, vol. 1(2), pages 127-146, October.
  3. Sakuragawa, Masaya & Hamada, Koichi, 2001. "Capital Flight, North-South Lending and Stages of Economic Development," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(1), pages 1-24, February.
  4. Christou, Costas, 2001. "Differential Borrowing Constraints and Investment in Human Capital," Journal of Macroeconomics, Elsevier, Elsevier, vol. 23(2), pages 277-295, April.

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