Capital Market Imperfections, International Credit Markets, and Nonconvergence

Capital Market Imperfections, International Credit Markets, and Nonconvergence
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资本市场不完善、国际信贷市场和不收敛

DOI：
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发表时间：
1997
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影响因子：
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通讯作者：
B. Smith
B. Smith
中科院分区：
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文献类型：
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作者：
J. Boyd;B. Smith

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摘要我们考虑了一个具有国际资本市场的两国经济增长模型。这些市场为两国的资本投资提供资金，并受到昂贵的国家验证（CSV）问题的影响。每个国家的投资者都需要一些外部资金，但也提供内部资金，这缓解了CSV问题。当两个相同的经济体（除了它们的初始资本存量）关闭时，它们必然单调地收敛到相同的稳态产出水平。不受限制的国际金融贸易阻止了相同经济体的趋同，穷国必然是富国的净贷款人。真实的经济活动和国际资本流动可能出现振荡。
Abstract 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 convergemonotonicallyto the same steady state output level. Unrestricted international financial tradeprecludesotherwise identical economies from converging, and poor countries are necessarily net lenders to rich countries. Oscillation in real activity and international capital flows can occur.Journal of Economic LiteratureClassification Numbers: E00, F00, F34, G14.