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Equilibrium, convergence, and capital mobility in neoclassical models of growth

Javier Birchenall ()

Economics Letters, 2008, vol. 99, issue 1, 10-13

Abstract: We study convergence in economies integrated by capital trade. Equilibrium generates transitional dynamics even in the absence of internal adjustment costs or borrowing constraints. Trade lowers the speed of convergence of capital-importing economies but increases the convergence of capital-exporting economies.

Date: 2008
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