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Capital Mobility in a Dynastic Framework

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  • Vidal, Jean-Pierre
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    Abstract

    This paper studies the pattern of capital mobility within a two-country dynastic model in which each country is exogenously characterized by its degree of altruism toward children. The steady-state welfare implications of restricted as well as unrestricted capital mobility are established. It is shown that world integration increases the steady-state welfare of the more altruistic capital exporting country and can either increase or reduce the steady-state welfare of the less altruistic capital importing country. Copyright 2000 by Oxford University Press.

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    Bibliographic Info

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

    Volume (Year): 52 (2000)
    Issue (Month): 3 (July)
    Pages: 606-25

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    Handle: RePEc:oup:oxecpp:v:52:y:2000:i:3:p:606-25

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    1. Galor, Oded, 1986. "Time preference and international labor migration," Journal of Economic Theory, Elsevier, Elsevier, vol. 38(1), pages 1-20, February.
    2. Andrew B. Abel, 1988. "Operative Gift and Bequest Motives," NBER Working Papers 2331, National Bureau of Economic Research, Inc.
    3. Laurence J. Kotlikoff, 1987. "Intergenerational Transfers and Savings," NBER Working Papers 2237, National Bureau of Economic Research, Inc.
    4. CRETTEZ , Bertrand & MICHEL , Philippe & VIDAL , Jean-Pierre, 1995. "Time Preference and Labour Migration in an OLG Model with Land and Capital," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 1995046, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Francq, Christian & Zako an, Jean-Michel, 2000. "Estimating Weak Garch Representations," Econometric Theory, Cambridge University Press, Cambridge University Press, vol. 16(05), pages 692-728, October.
    6. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
    7. Modigliani, Franco, 1988. "The Role of Intergenerational Transfers and Life Cycle Saving in the Accumulation of Wealth," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 2(2), pages 15-40, Spring.
    8. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
    9. Jean-Pierre Vidal & Philippe Michel & Bertrand Crettez, 1998. "Time preference and capital mobility in an OLG model with land," Journal of Population Economics, Springer, Springer, vol. 11(1), pages 149-158.
    10. Becker, Robert A, 1980. "On the Long-Run Steady State in a Simple Dynamic Model of Equilibrium with Heterogeneous Households," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 95(2), pages 375-82, September.
    11. Buiter, Willem H, 1981. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 89(4), pages 769-97, August.
    12. Weil, Philippe, 1987. "Love thy children : Reflections on the Barro debt neutrality theorem," Journal of Monetary Economics, Elsevier, Elsevier, vol. 19(3), pages 377-391, May.
    13. Fisher, Eric O'N., 1995. "Growth, trade, and international transfers," Journal of International Economics, Elsevier, Elsevier, vol. 39(1-2), pages 143-158, August.
    14. Emmanuel Thibault, 2000. "Existence of equilibrium in an OLG model with production and altruistic preferences," Economic Theory, Springer, Springer, vol. 15(3), pages 709-715.
    15. Galor, Oded & Ryder, Harl E., 1989. "Existence, uniqueness, and stability of equilibrium in an overlapping-generations model with productive capital," Journal of Economic Theory, Elsevier, Elsevier, vol. 49(2), pages 360-375, December.
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    Cited by:
    1. Michel, P. & Vidal., J.-P., 1998. "Economic Integration and Growth under Intergenerational Financing of Human Capital Formation," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9809, Faculty of Economics, University of Cambridge.
    2. Michel, Philippe & Thibault, Emmanuel & Vidal, Jean-Pierre, 2006. "Intergenerational altruism and neoclassical growth models," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier, Elsevier.
    3. Amacher, Gregory S. & Koskela, Erkki & Ollikainen, Markku, 2002. "Optimal Forest Policies in an Overlapping Generations Economy with Timber and Money Bequests," Journal of Environmental Economics and Management, Elsevier, vol. 44(2), pages 346-369, September.
    4. Michel, Philippe & Vidal, Jean-Pierre, 2003. "Self-control and savings," Working Paper Series, European Central Bank 0211, European Central Bank.

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