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Capital Flows to the New World as an Intergenerational Transfer

  • Taylor, Alan M
  • Williamson, Jeffrey G

The late nineteenth century saw international mass migrations of capital and labor from the Old World to the New. Factors chased each other and the abundant resources at the frontier. Demographic structure also contributed to the massive capital flows from Britain to the New World. The dependency hypothesis is confirmed by estimation of savings functions in three New World economies (Argentina, Australia, and Canada) in which high dependency rates may have significantly depressed domestic savings rates and pulled in foreign investment: in effect an intergenerational transfer from old savers in the Old World to young savers in the New. Copyright 1994 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 2 (April)
Pages: 348-71

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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:2:p:348-71
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  1. Neal, Larry, 1985. "Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 219-226, June.
  2. Ian W. McLean, 1991. "Saving in Settler Economies: Australian and North American Comparisons," School of Economics Working Papers 1991-07, University of Adelaide, School of Economics.
  3. M.C. Urquhart, 1988. "Canadian Economic Growth 1870-1980," Working Papers 734, Queen's University, Department of Economics.
  4. Ronald D Lee & Andrew Mason & Tim Miller, 1998. "Saving, Wealth, and Population," Working Papers 199805, University of Hawaii at Manoa, Department of Economics.
  5. Hammer, Jeffrey S., 1986. "Population growth and savings in LDCs: A survey article," World Development, Elsevier, vol. 14(5), pages 579-591, May.
  6. repec:cup:cbooks:9780521364805 is not listed on IDEAS
  7. C.B. Schedvin, 1990. "Staples and regions of Pax Britannica," Economic History Review, Economic History Society, vol. 43(4), pages 533-559, November.
  8. Leff, Nathaniel H, 1969. "Dependency Rates and Savings Rates," American Economic Review, American Economic Association, vol. 59(5), pages 886-96, December.
  9. David, Paul A., 1977. "Invention and accumulation in america's economic growth: A nineteenth-century parable," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 6(1), pages 179-228, January.
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