| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4206 |
| 来源ID | Working Paper 4206 |
| Capital Mobility in Neoclassical Models of Growth | |
| Robert J. Barro; N. Gregory Mankiw; Xavier Sala-i-Martin | |
| 发表日期 | 1992-11-01 |
| 出版年 | 1992 |
| 语种 | 英语 |
| 摘要 | The empirical evidence reveals conditional convergence in the sense that economies grow faster per capita if they start further below their steady-state positions. For a homogeneous group of economies - like the U.S. states, regions of western European countries, and the GECD countries - the convergence is unconditional in that the poor economies grow faster than the rich ones. The neoclassical growth model for a closed economy fits these facts if capital is viewed broadly to encompass human investments, so that diminishing returns to capital set in slowly, and if differences in government policies or preferences about saving lead to heterogeneity in steady-state positions. Yet if the model is opened to allow for full capital mobility, then the predicted rates of convergence for capital and output are much higher than those observed empirically. We show that the open-economy model conforms with the evidence if an economy can use foreign debt to finance only a portion of its capital, even if 50% or more of the total. The problems in using human capital as collateral can explain the required imperfection in the credit market. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Microeconomics ; Behavioral Economics |
| URL | https://www.nber.org/papers/w4206 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561563 |
| 推荐引用方式 GB/T 7714 | Robert J. Barro,N. Gregory Mankiw,Xavier Sala-i-Martin. Capital Mobility in Neoclassical Models of Growth. 1992. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4206.pdf（1648KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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