ONO, YOSHIYASU; SHIBATA, AKIHISA - In: Journal of Money, Credit and Banking 42 (2010) 1, pp. 93-112
Specialization patterns in an open-economy two-sector growth model with endogenous capital accumulation are examined in the presence of free international lending and borrowing. Without free international lending and borrowing it is known that, whereas the less (time-)patient country decumulates...