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Time preference and capital mobility in an OLG model with land

  • Jean-Pierre Vidal

    (C.R.E.P.P., University of Liège, Belgium, and C.E.M.E., University of Paris I, U.R.A. C.N.R.S. D0924, F-75231 Paris Cedex 05, France)

  • Philippe Michel

    (C.O.R.E., I.U.F. and University of Aix-Marseille II, France)

  • Bertrand Crettez

    (C.R.E.S.E., University of Franche-Comté and C.E.M.E., University of Paris I, U.R.A. C.N.R.S. D0924, 12 place du Panthéon, F-75231 Paris Cedex 05, France)

This paper examines the pattern of capital mobility in a two-country overlapping generations world in which production uses three inputs: capital, labor and land. The steady-state welfare consequences of opening countries to financial capital or labor mobility are then compared. In particular, it is shown that capital mobility does not equalize standards of living across countries. To achieve this goal, one has to rely on labor mobility.

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Article provided by Springer in its journal Journal of Population Economics.

Volume (Year): 11 (1998)
Issue (Month): 1 ()
Pages: 149-158

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Handle: RePEc:spr:jopoec:v:11:y:1998:i:1:p:149-158
Note: Received: 8 January 1996 / Accepted: 6 June 1996
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  1. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  2. Galor, Oded, 1992. "The Choice of Factor Mobility in a Dynamic World," Journal of Population Economics, Springer, vol. 5(2), pages 135-44, April.
  3. Galor, Oded, 1986. "Time preference and international labor migration," Journal of Economic Theory, Elsevier, vol. 38(1), pages 1-20, February.
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