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International Capital Mobility, Public Investment and Economic Growth

Author: Richard H Clarida
Publisher: Cambridge, Mass. National Bureau of Economic Research 1993.
Series: Working paper series (National Bureau of Economic Research), no. w4506.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper presents a neoclassical model of international capital flows, public investment, and economic growth. Because public capital is non-traded and is imperfectly substitutable for private capital, the open economy converges only gradually to the Solow steady-state notwithstanding the fact that international capital mobility is perfect. Along the convergence path, the economy initially runs a current account  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Richard H Clarida
OCLC Number: 1027355112
Notes: October 1993.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w4506.
Responsibility: Richard H. Clarida.

Abstract:

This paper presents a neoclassical model of international capital flows, public investment, and economic growth. Because public capital is non-traded and is imperfectly substitutable for private capital, the open economy converges only gradually to the Solow steady-state notwithstanding the fact that international capital mobility is perfect. Along the convergence path, the economy initially runs a current account deficit that reflects a consumption boom and a surge in public spending. Over time, the rate of public investment declines as does the rate of growth in the standard measure of multifactor productivity in the private sector, the Solow residual.

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