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Losing Ground

In: The Great Economic Slowdown

Author

Listed:
  • Edmund Phelps

    (Columbia University)

  • Hian Teck Hoon

    (Singapore Management University)

  • Gylfi Zoega

    (University of Iceland)

Abstract

The world of two economies, which we take to be China and the US, with a shared capital market where one country has a lower rate of time preference than the other and/or a lower rate of population growth is modeled. With free international capital mobility, there are capital inflows into the US, which becomes the international net debtor and compared to autarky, there is more capital in the US and less in China. The catching-up process for China is shown using the Nelson-Phelps model.

Suggested Citation

  • Edmund Phelps & Hian Teck Hoon & Gylfi Zoega, 2023. "Losing Ground," Springer Books, in: The Great Economic Slowdown, chapter 0, pages 97-114, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-31441-4_6
    DOI: 10.1007/978-3-031-31441-4_6
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