Money, Saving, and Growth in An International Economy With Perfect Capital Mobility  

Oleh:

Khang, Chulsoon

Jenis: Article from Bulletin/Magazine
Dalam koleksi: JOURNAL OF INTERNATIONAL TRADE & ECONOMIC DEVELOPMENT, The vol. 3 no. 1 (1994), page 51-72.
Topik: capital; money; saving; growth; international economy; perfect capital mobility

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ35 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The effects of differential national saving rates on current accounts, foreign indebtedness and the welfare of the countries involved are examined within the framework of a two - country, three - asset and one - good model of growth with international capital mobility. It is argued that the persistent current account imbalance and its implied national indebtedness are a natural consequence of differential national saving rates in the world of integrated capital markets, that any direct interference hampering an orderly flow of capital makes both countries worse off, that changes in the exchange rate mainly reflect the differential growth rates of two currencies and have little effect on the current account, and that persistent current account deficits do not necessarily imply an ever - increasing debt burden. While an increase in the saving rate of the high - saving country benefits the low - saving country, an increase in the saving rate of the low - saving country harms the high - saving country both in the short run and the long run.

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