| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26359 |
| 来源ID | Working Paper 26359 |
| Exploring The Role of Limited Commitment Constraints in Argentina\u2019s \"Missing Capital\" | |
| Marek Kapička; Finn Kydland; Carlos Zarazaga | |
| 发表日期 | 2019-10-14 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We study why capital accumulation in Argentina was slow in the 1990s and 2000s, despite high productivity growth and low international interest rates. We show that limited commitment constraints introduce two mechanisms. First, the response of investment to a total factor productivity increase is muted and short-lived, while the response to a decrease is large and persistent. Second, unlike in a first-best economy, low international interest rates may reduce capital accumulation, because they increase the relevance of future commitment constraints. A quantitative implementation of the model economy shows that the two mechanisms are quantitatively important for the dynamics of Argentina’s capital accumulation. The model accounts for between 50% and 85% of the capital missing from Argentina in the two decades mentioned above, relative to what it would be in the absence of the limited commitment frictions. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; Development and Growth ; Development ; Country Studies |
| URL | https://www.nber.org/papers/w26359 |
| 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/584033 |
| 推荐引用方式 GB/T 7714 | Marek Kapička,Finn Kydland,Carlos Zarazaga. Exploring The Role of Limited Commitment Constraints in Argentina\u2019s \"Missing Capital\". 2019. |
| 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 | ||
| w26359.pdf（426KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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