| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1164 |
| 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 |
| URL | https://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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