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Time Preference and International Lending and Borrowing in an Overlapping-Generations Model

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Author Info
Willem H. Buiter

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Abstract

Two economies, represented by Diamond-type overlapping-generations models and differing only in their pure rates of time preference, are joined together. Capital formation, balance-of-payments behavior, and welfare are compared under autarky and openness. With a positive natural rate of growth, the low-time-preference country runs a current account surplus in the steady state but not necessarily outside it. If preexisting capital is not shiftable between countries, integration in the world economy makes the high-time-preference country worse off in the short run. The ranking of stationary utility levels under autarky and openness is ambiguous.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0352.

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Date of creation: Oct 1981
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Publication status: published as Journal of Political Economy, Vol. 89, No. 4, pp. 769-797, (August 1981).
Handle: RePEc:nbr:nberwo:0352

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  1. Joel Fried, 1980. "The Intergenerational Distribution of the Gains from Technical Change and from International Trade," Canadian Journal of Economics, Canadian Economics Association, vol. 13(1), pages 65-81, February. [Downloadable!] (restricted)
  2. Hori, Hajime & Stein, Jerome L, 1977. "International Growth with Free Trade in Equities and Goods," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(1), pages 83-100, February. [Downloadable!] (restricted)
  3. Stiglitz, Joseph E, 1970. "Factor Price Equalization in a Dynamic Economy," Journal of Political Economy, University of Chicago Press, vol. 78(3), pages 456-88, May-June. [Downloadable!] (restricted)
  4. Ihori, Toshihiro, 1978. "The Golden Rule and the Role of Government in a Life Cycle Growth Model," American Economic Review, American Economic Association, vol. 68(3), pages 389-96, June. [Downloadable!] (restricted)
  5. Onitsuka, Yusuke, 1974. "International Capital Movements and the Patterns of Economic Growth," American Economic Review, American Economic Association, vol. 64(1), pages 24-36, March. [Downloadable!] (restricted)
  6. George H. Borts, 1964. "A Theory of Long-Run International Capital Movements," Journal of Political Economy, University of Chicago Press, vol. 72, pages 341. [Downloadable!] (restricted)
  7. Fischer, Stanley & Frenkel, Jacob A., 1972. "Investment, the two-sector model and trade in debt and capital goods," Journal of International Economics, Elsevier, vol. 2(3), pages 211-233, August. [Downloadable!] (restricted)
  8. von Furstenberg, George M, 1980. "Private Saving," American Economic Review, American Economic Association, vol. 70(2), pages 177-81, May. [Downloadable!] (restricted)
  9. Neher, Philip A, 1970. "International Capital Movements along Balanced Growth Paths," The Economic Record, The Economic Society of Australia, vol. 46(115), pages 393-401, September.
  10. Findlay, Ronald, 1978. "An "Austrian" Model of International Trade and Interest Rate Equalization," Journal of Political Economy, University of Chicago Press, vol. 86(6), pages 989-1007, December. [Downloadable!] (restricted)
  11. Ruffin, Roy J, 1979. "Growth and the Long-Run Theory of International Capital Movements," American Economic Review, American Economic Association, vol. 69(5), pages 832-42, December. [Downloadable!] (restricted)
  12. David Cass & Menahem E. Yaari, 1966. "A Re-examination of the Pure Consumption Loans Model," Journal of Political Economy, University of Chicago Press, vol. 74, pages 353. [Downloadable!] (restricted)
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