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A Model of Optimal Growth Strategy

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Author Info
Askenazy, P.
Le Van, C.

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Abstract

In this paper we present an optimal growth model with convex-concave technology, for an open developing country. The latter may choose to produce consumption goods by borrowing on capital markets. We prove there exists two non trivial steady states. An optimal path converges either to 0 or to the high stedy-state. That depends on the levels of the initial debt and/or of the debt constraint. We prove also there exists a poverty trap if the time preference is very high.

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Publisher Info
Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 97-27.

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Length: 37 pages
Date of creation: 1997
Date of revision:
Publication status: Published in Journal of Economic Theory, 1999, vol. 85, no. 1, pp. 27-54
Handle: RePEc:del:abcdef:97-27

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Keywords: ECONOMIC DEVELOPMENT ; ECONOMETRICS;

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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis

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  1. Ossama Mikhail, 2004. "Economic Freedom and The Business Cycle: The Egyptian Experience," Macroeconomics 0402002, EconWPA. [Downloadable!]
  2. Hippolyte d'Albis & Pascal Gourdel & Cuong Le Van, 2004. "Existence of solutions in continuous-time optimal growth models," Cahiers de la Maison des Sciences Economiques b04063, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  3. Nguyen Manh Hung & Cuong Le Van & Philippe Michel, 2008. "Non-convex Aggregate Technology and Optimal Economic Growth," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00267100_v1, HAL. [Downloadable!]
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  4. Raouf Boucekkine & Giorgio Fabbri & Fausto Gozzi, 2009. "Maintenance and investment: complements or substitutes? A reappraisal," Working Papers 2009_21, Department of Economics, University of Glasgow. [Downloadable!]
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  5. LE VAN, Cuong & BOUCEKKINE, Raouf & SAGLAM, Cagri, 2004. "Optimal control in infinite horizon problems: A Sobolev space approach," CORE Discussion Papers 2004089, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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  6. Fabbri, Giorgio & Gozzi, Fausto, 2006. "Vintage Capital in the AK growth model: a Dynamic Programming approach. Extended version," MPRA Paper 2863, University Library of Munich, Germany. [Downloadable!]
  7. Amrita Dhillon & Myrna H. Wooders & Ben Zissimos, 2006. "Tax Competition Reconsidered," Working Papers 0602, Department of Economics, Vanderbilt University. [Downloadable!]
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