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The Socially Optimal Level of Saving in Australia, 1960-61 to 1994-95

Author

Listed:
  • Guests, R.S.
  • McDonald, I.M.

Abstract

In this paper a model is developed which determines the socially optimal level of saving for a small open economy. The model also determines the socially optimal disposition of saving between domestic capital accumulation and overseas asset accumulation.

Suggested Citation

  • Guests, R.S. & McDonald, I.M., 1996. "The Socially Optimal Level of Saving in Australia, 1960-61 to 1994-95," Department of Economics - Working Papers Series 526, The University of Melbourne.
  • Handle: RePEc:mlb:wpaper:526
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    References listed on IDEAS

    as
    1. Cashin, Paul & McDermott, C John, 1998. "Are Australia's Current Account Deficits Excessive?," The Economic Record, The Economic Society of Australia, vol. 74(227), pages 346-361, December.
    2. Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1989. "Assessing Dynamic Efficiency: Theory and Evidence," Review of Economic Studies, Oxford University Press, vol. 56(1), pages 1-19.
    3. Obstfeld, Maurice & Rogoff, Kenneth, 1995. "The intertemporal approach to the current account," Handbook of International Economics,in: G. M. Grossman & K. Rogoff (ed.), Handbook of International Economics, edition 1, volume 3, chapter 34, pages 1731-1799 Elsevier.
    4. McKibbin, Warwick J & Siegloff, Eric S, 1988. "A Note on Aggregate Investment in Australia," The Economic Record, The Economic Society of Australia, vol. 64(186), pages 209-215, September.
    5. David W.R. Gruen & Gordon D. Menzies, 1991. "The Failure of Uncovered Interest Parity: Is it Near-rationality in the Foreign Exchange Market?," RBA Research Discussion Papers rdp9103, Reserve Bank of Australia.
    6. Glenn, Kirsta M., 1997. "The Optimal Response of Consumption, Investment, and Debt Accumulation to an Exogenous Shock When the World Interest Rate Is Endogenous," Journal of Macroeconomics, Elsevier, vol. 19(2), pages 327-348, April.
    7. Guiseppe Bertola & Ricardo J. Caballero, 1994. "Irreversibility and Aggregate Investment," Review of Economic Studies, Oxford University Press, vol. 61(2), pages 223-246.
    8. David M. Cutler & James M. Poterba & Louise M. Sheiner & Lawrence H. Summers, 1990. "An Aging Society: Opportunity or Challenge?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 21(1), pages 1-74.
    9. Constantinides, George M, 1990. "Habit Formation: A Resolution of the Equity Premium Puzzle," Journal of Political Economy, University of Chicago Press, vol. 98(3), pages 519-543, June.
    10. Ian M. McDonald & Luca Tacconi & Ravjeet Kaur, 1992. "The Social Opportunity Cost of Consumption for Australia, 1960-61 to 1988-89," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 25(1), pages 44-53.
    11. repec:fth:harver:1490 is not listed on IDEAS
    12. Hayashi, Fumio, 1982. "Tobin's Marginal q and Average q: A Neoclassical Interpretation," Econometrica, Econometric Society, vol. 50(1), pages 213-224, January.
    13. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321-321.
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    Citations

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    Cited by:

    1. Cashin, Paul & McDermott, C John, 1998. "Are Australia's Current Account Deficits Excessive?," The Economic Record, The Economic Society of Australia, vol. 74(227), pages 346-361, December.
    2. Creina Day & Garth Day, 2010. "Taxes, Growth And The Current Account Tick-Curve Effect," Australian Economic Papers, Wiley Blackwell, vol. 49(1), pages 13-27, March.

    More about this item

    Keywords

    SAVINGS; AUSTRALIA; WELFARE ECONOMICS; CAPITAL; FINANCIAL MARKET;

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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