Growth in Open Economies
AbstractThis paper provides a survey of recent growth models that attempt to explain the cross-country diversity in rates of economic growth. It shows that these models can only generate differences in growth rates in the absence of international capital markets. With free international capital mobility they imply that the growth rate of consumption and GNP would be quickly equalized all over the world. This paper describes a simple modification of standard preferences that eliminates this implausible growth-equalization result and is consistent with the fact that the savings rate is lower in poor countries than in rich countries.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 667.
Date of creation: Jun 1992
Date of revision:
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Other versions of this item:
- Rebelo, Sergio, 1992. "Growth in open economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 36(1), pages 5-46, July.
- 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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