type="main" xml:lang="en" <p>This paper shows how intergenerational trading of non-depletable natural resources may affect investment in physical capital, implying distinct patterns of overtaking between countries. Specifically, the results indicate that the elasticity of the marginal utility of...</p>

This paper examines the effect of land market liberalization on the dynamics of capital accumulation. It is shown that the land market liberalization, which is accompanied with the transfer of agricultural technology, may not always offer a “win‐win” outcome for developed and developing...