Capital Mobility in a Dynastic Framework
This paper studies the pattern of capital mobility with a two-country dynastic model in which each country is exogenously characterised by its degree of altruism towards children. The steady-state welfare implications of restricted as well as unrestricted capital mobility are established. It is shown that world integration increases the steady-state welfare of the more altruistic capital exporting country and can either increase or reduce the steady-state welfare of the less altruistic capital importing country.
Year of publication: |
1997-08
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Authors: | Vidal, J.-P. |
Institutions: | Faculty of Economics, University of Cambridge |
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