Long-run effects of capital market integration using OLG model

Philippe Darreau () and François Pigalle ()
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Philippe Darreau: LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges
François Pigalle: LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges

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Abstract: Buiter (1981) illustrates that in the OLG model, the ranking of stationary utility levels under autarky and openness, is ambiguous. We show that both countries increase their stationary utility levels only if the autarky capital-labor ratios are on opposite sides of the golden rule.

Date: 2014-08-20
New Economics Papers: this item is included in nep-dge and nep-upt
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Published in Economics Bulletin, 2014, 34, pp.1835 - 1845

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