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Fiscal Policy, Capital Accumulation, and Debt in an Open Economy

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Turnovsky, Stephen J
Sen, Partha

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Abstract

This paper analyzes the effects of changes in government expenditure on both a domestically produced and an imported good in an open economy based on intertemporal optimizing behavior. The dynamic adjustment is characterized in detail and the critical role played by the accumulating capital stock is highlighted. The evolution of the current account is seen to mirror that of capital. The welfare of such policies is also assessed in terms of the intertemporal utility of the representative agent. Both permanent and temporary policy changes are considered, with the latter being shown to have a permanent effect on the economy. Copyright 1991 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 43 (1991)
Issue (Month): 1 (January)
Pages: 1-24
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Handle: RePEc:oup:oxecpp:v:43:y:1991:i:1:p:1-24

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  1. Arman Mansoorian & Mohammed Mohsin, 2002. "Monetary Policy in a Cash-in-Advance Economy Employment, Capital Accumulation and the Term Structure of Interest Rates," Working Papers 2002_02, York University, Department of Economics. [Downloadable!]
    Other versions:
  2. Schmidt-Hebbel, Klaus & Serven, Luis, 1995. "Fiscal and monetary contraction in Chile : a rational-expectations approach," Policy Research Working Paper Series 1472, The World Bank. [Downloadable!]
  3. Francisco A. Gallego & Klaus Schmidt-Hebbel & Luis Servén, 2004. "General Equilibrium Dynamics of External Shocks and Policy Changes in Chile," Working Papers Central Bank of Chile 271, Central Bank of Chile. [Downloadable!]
  4. Schmidt-Hebbel, Klaus & Serven, Luis, 1992. "Dynamic response to foreign transfers and terms-of-trade shocks in open economies," Policy Research Working Paper Series 1061, The World Bank. [Downloadable!]
  5. Klundert, T. van de & Smulders, S., 1997. "Catching-up and regulation in a two-sector small open economy," Discussion Paper 51, Tilburg University, Center for Economic Research. [Downloadable!]
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  6. Peter Stockman, 2000. "The real dollar-yen exchange rate, asymmetries in trade flows and the current account in a perfect-foresight model for developing East Asia," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 9(1), pages 19-36, March. [Downloadable!] (restricted)
  7. Giancarlo Marini & Giovanni Piersanti, 2001. "Fiscal Deficits And Currency Crises," Departmental Working Papers 140, Tor Vergata University, CEIS. [Downloadable!]
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  8. Agenor, Pierre-Richard & Lodovico, Pizzati, 2000. "Disinflation and the supply side," Policy Research Working Paper Series 2304, The World Bank. [Downloadable!]
    Other versions:
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