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Capital Markets and Dimension in Neoclassical Models of Growth with Trade

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  • Cremers, Emily

Abstract

This paper explores the role of arbitrary assumptions regarding dimension and thetradeability of capital in neoclassical growth models. It is shown that international marketsfor physical and financial capital are required to reproduce the competitive world growthpath only when the number of traded (non-capital) goods is less than the number of factors,provided that countries are diversified along their growth paths. Capital markets compensatefor lacking consumption good markets in models with low dimension, thus reinforcing anearlier static argument that trade theory requires a sufficient number of markets, rather thanparticular dimensional attributes.

Suggested Citation

  • Cremers, Emily, 1997. "Capital Markets and Dimension in Neoclassical Models of Growth with Trade," Staff General Research Papers Archive 34865, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:34865
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    Cited by:

    1. Cremers, Emily T, 2001. "Capital Mobility in Open OLG Models of Neoclassical Growth," Review of Development Economics, Wiley Blackwell, vol. 5(2), pages 211-226, June.
    2. Hu, Yunfang & Mino, Kazuo, 2013. "Trade structure and belief-driven fluctuations in a global economy," Journal of International Economics, Elsevier, vol. 90(2), pages 414-424.
    3. Yunfang Hu & Kazuo Mino, 2011. "Globalization and Volatility under Alternative Trade Structures," KIER Working Papers 791, Kyoto University, Institute of Economic Research.

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