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Growth in a Small Open Economy

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Author Info

  • Benge, M.
  • Wells, G.

Abstract

This paper provides a framework with which to analyse growth in a small economy with perfect capital mobility. It provides a diagrammatic representation of steady states which differs in interesting and important ways from the usual closed-economy Solow-Swan diagram. The paper also analyses model dynamics in response to shocks which perturb the steady state and it is shown that, by contrast to the closed-economy models which underpin much of the cross-section empirical work on income convergence, changes in the saving rate increase both the steady-state level of income and the half-life of income adjustment.

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Bibliographic Info

Paper provided by Australian National University - Department of Economics in its series Papers with number 350.

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Length: 27 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fth:aunaec:350

Contact details of provider:
Postal: THE AUSTRALIAN NATIONAL UNIVERSITY, DEPARTMENT OF ECONOMICS, RESEARCH SCHOOL of PACIFIC STUDIES, RESEARCH SCHOOL OF SOCIAL SCIENCES, G.P.O. 4, CANBERRA ACT 2601 AUSTRALIA..O. BOX 4 CANBERRA 2601 AUSTRALIA.
Web page: http://economics.anu.edu.au/economics.htm
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Related research

Keywords: GROWTH MODELS ; ECONOMIC DEVELOPMENT ; CAPITAL MOVEMENTS;

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Cited by:
  1. John Stephenson & Grant Scobie, 2002. "The Economics of Population Ageing," Treasury Working Paper Series 02/04, New Zealand Treasury.

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