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Growth in a Small Open Economy

Author

Listed:
  • Benge, M.
  • Wells, G.

Abstract

This paper provides a framework with which to analyse growth in a small economy with perfect capital mobility. It provides a diagrammatic representation of steady states which differs in interesting and important ways from the usual closed-economy Solow-Swan diagram. The paper also analyses model dynamics in response to shocks which perturb the steady state and it is shown that, by contrast to the closed-economy models which underpin much of the cross-section empirical work on income convergence, changes in the saving rate increase both the steady-state level of income and the half-life of income adjustment.

Suggested Citation

  • Benge, M. & Wells, G., 1998. "Growth in a Small Open Economy," Papers 350, Australian National University - Department of Economics.
    • Handle: RePEc:fth:aunaec:350
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    Cited by:

    1. John Stephenson & Grant Scobie, 2002. "The Economics of Population Ageing," Treasury Working Paper Series 02/04, New Zealand Treasury.

    More about this item

    Keywords

    GROWTH MODELS ; ECONOMIC DEVELOPMENT ; CAPITAL MOVEMENTS;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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