| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5414 |
| DP5414 The Short-Run Dynamics of Optimal Growth Models with Delays | |
| Omar Licandro; Luis Puch; Fabrice Collard | |
| 发表日期 | 2005-12-16 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper discusses the existence of 'home' biases in the 19th century global capital market, whereby colonies appear to have received a 'disproportionate' amount of capital from their metropolis. Starting from a discussion of the Bulow Rogoff (1989) problem, we argue that imperial links provided a natural institutional framework to make pre-commitment credible by ensuring an adequate degree of willingness to pay. This was not because imperial rule provided coercion or punishment, but rather because it supplied a legal framework that effectively suppressed the « sovereign » nature of colonial debts. We conclude that the greater facility with which capital migrated in the 19th century has much to do with the fact that colonies were more akin to the 'regions' of modern countries |
| 主题 | International Macroeconomics |
| 关键词 | Home bias Colonies Lucas paradox Willingness to pay |
| URL | https://cepr.org/publications/dp5414 |
| 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/534270 |
| 推荐引用方式 GB/T 7714 | Omar Licandro,Luis Puch,Fabrice Collard. DP5414 The Short-Run Dynamics of Optimal Growth Models with Delays. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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