A model of optimal growth strategy
成果类型：
Article
署名作者：
Askenazy, P; Le Van, C
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1998.2489
发表日期：
1999
页码：
24-51
关键词：
摘要：
In this paper we present an optimal growth model with convex-concave technology for an open developing country. The latter may choose to produce consumption goods by borrowing on capital markets or to import consumption goods by investing its saving on capital markets. We prove there exist two nontrivial steady states. An optimal path converges either to 0 or to the high steady state, that depends on the levels of the initial debt and/or of the debt constraint. We also prove there exists a poverty trap if the time preference is very high. (C) 1999 Academic Press.