Capital market imperfections, international credit markets, and nonconvergence
成果类型：
Article
署名作者：
Boyd, JH; Smith, BD
署名单位：
University of Minnesota System; University of Minnesota Twin Cities; University of Texas System; University of Texas Austin
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2237
发表日期：
1997
页码：
335-364
关键词：
摘要：
We consider a two country growth model with international capital markets. These markets fund capital investment in both countries, and operate subject to a costly state verification (CSV) problem. Investors in each country require some external finance, but also provide internal finance, which mitigates the CSV problem. When two identical (except for their initial capital stocks) economies are closed, they necessarily converge monotonically to the same steady state output level. Unrestricted international financial trade precludes otherwise identical economies from converging, and poor countries are necessarily net lenders to rich countries. Oscillation in real activity and international capital flows can occur. (C) 1997 Academic Press.