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| Author: | Devereux, M. B. Shi, S. |
| Title: | Capital accumulation and the current account in a two-country model |
| Journal: | Journal of International Economics
1991 : FEB, VOL. 30:1/2, p. 1-25 |
| Index terms: | CAPITAL GROWTH MACROECONOMIC MODELS DYNAMIC MODELS CONSUMPTION ASSETS STEADY STATE MODELS TECHNOLOGICAL INNOVATION |
| Language: | eng |
| Abstract: | A two-country model of a world economy with infinitely-lived representative consumers and capital accumulation is presented, its steady state is analysed. Capital and debt dynamics outside the steady state, consumption and current account dynamics, the responses to government spending shocks and the effects of a technological improvement are discussed. The characteristics of short-run current account dynamics are linked to world capital accumulation and to a country's long-run net external asset position. It is predicted that more patient countries, countries with larger government sectors, and countries with lower productivity should be long-run creditors. |
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