Growth, Human Capital Spillovers and International Policy Coordination
This paper is concerned with public policy and economic development in a world of interdependent economies. Its objective is to show how the international coordination of economic policy is a means of promoting growth across countries. The analysis is based on a two-country endogenous growth model in which the production of human capital depends on country-specific tax-financed public expenditure and worldwide previously accumulated knowledge. The authors consider optimal policy as the outcome of a dynamic game between benevolent governments. They show that both growth (which itself has no normative significance) and welfare are, indeed, higher under cooperation than under noncooperation. Copyright 1993 by The editors of the Scandinavian Journal of Economics.
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Volume (Year): 95 (1993)
Issue (Month): 4 (December)
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