Capital Mobility in a Dynastic Framework
This paper studies the pattern of capital mobility within a two-country dynastic model in which each country is exogenously characterized by its degree of altruism toward children. The steady-state welfare implications of restricted as well as unrestricted capital mobility are established. It is shown that world integration increases the steady-state welfare of the more altruistic capital exporting country and can either increase or reduce the steady-state welfare of the less altruistic capital importing country. Copyright 2000 by Oxford University Press.
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Volume (Year): 52 (2000)
Issue (Month): 3 (July)
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