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On the Multi‐Country Version of the Solow–Swan Model

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  • Gerhard Sorger

Abstract

I study a multi‐country version of the Solow–Swan model of capital accumulation. Capital is perfectly mobile and flows instantaneously to countries providing the highest return. I show that, in general, the model possesses infinitely many stationary equilibria that differ from each other in terms of the world interest rate and world output. Analysing the dynamics of the model, I find that multiple equilibria exist for any given initial allocation of capital. Finally, I discuss a generalization of the golden rule to the multi‐country version of the Solow–Swan model and show that it satisfies a Nash equilibrium property. JEL Classification Numbers: F20, O41

Suggested Citation

  • Gerhard Sorger, 2003. "On the Multi‐Country Version of the Solow–Swan Model," The Japanese Economic Review, Japanese Economic Association, vol. 54(2), pages 146-164, June.
    • Handle: RePEc:bla:jecrev:v:54:y:2003:i:2:p:146-164
    DOI: 10.1111/1468-5876.00251
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    Cited by:

    1. Mihail Busu, 2019. "Assessment of the Impact of Bioenergy on Sustainable Economic Development," Energies, MDPI, vol. 12(4), pages 1-11, February.
    2. Wei Bin Zhang, 2008. "A multi-region economic growth model with migration, housing and regional amenity," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 55, pages 322-350, November.
    3. Wei-Bin Zhang, 2010. "A Multi-country Monetary Economic Growth Model with International Trade and National Monetary Policies," Global Economic Review, Taylor & Francis Journals, vol. 39(1), pages 43-58.
    4. Alejandro Rodríguez Arana, 2005. "Endogenous Growth and Comparative Standards of Living between Mexico and the US," DEGIT Conference Papers c010_035, DEGIT, Dynamics, Economic Growth, and International Trade.

    More about this item

    JEL classification:

    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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