Growth in Open Economies

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Growth in Open Economies

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Rebelo, Sérgio

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Sergio T Rebelo

Abstract

This 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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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 667.

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Date of creation: Jun 1992
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Handle: RePEc:cpr:ceprdp:667

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Other versions of this item:

Article
- Rebelo, Sergio, 1992. "Growth in open economies," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 36(1), pages 5-46, July. [Downloadable!] (restricted)
Paper
- Rebelo, Sergio, 1991. "Growth in open economies," Policy Research Working Paper Series 799, The World Bank. [Downloadable!]

Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: 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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This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.
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This page was last updated on 2009-10-29.

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