G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1164
DP1164 Speculative Market Structure and the Collapse of an Exchange Rate Mechanism
Zhaohui Chen
发表日期1995-05-31
出版年1995
语种英语
摘要This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous growth versions of the basic OLG model are analysed. We find that intergenerational redistribution policies that discourage physical capital formation may encourage human capital formation. Despite common technologies and perfect international mobility of financial capital, the non-tradedness of human capital and the illiquidity of human wealth make for persistent differences in productivity growth rates (in the endogenous growth version of the model) or in their levels (in the exogenous growth version). We also consider the productivity growth (or level) effects of public spending on education and of the distortionary taxation of financial asset income.
主题International Macroeconomics
关键词Capital mobility Endogenous growth Fiscal policy Human capital
URLhttps://cepr.org/publications/dp1164
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/530309
推荐引用方式
GB/T 7714
Zhaohui Chen. DP1164 Speculative Market Structure and the Collapse of an Exchange Rate Mechanism. 1995.
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