Time preference and capital mobility in an OLG model with land |
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| Authors: | Crettez B Michel P Vidal J-p |
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| Affiliation: | (1) C.R.E.S.E., University of Franche-Comté and C.E.M.E., University of Paris I, U.R.A. C.N.R.S. D0924, 12 place du Panthéon, F-75231 Paris Cedex 05, France, FR;(2) C.O.R.E., I.U.F. and University of Aix-Marseille II, France, FR;(3) C.R.E.P.P., University of Liège, Belgium, and C.E.M.E., University of Paris I, U.R.A. C.N.R.S. D0924, F-75231 Paris Cedex 05, France, BE |
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| Abstract: | This paper examines the pattern of capital mobility in a two-country overlapping generations world in which production uses three inputs: capital, labor and land. The steady-state welfare consequences of opening countries to financial capital or labor mobility are then compared. In particular, it is shown that capital mobility does not equalize standards of living across countries. To achieve this goal, one has to rely on labor mobility. Received: 8 January 1996 / Accepted: 6 June 1996 |
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| Keywords: | JEL classification: D91 F21 F22 O41 Q15 |
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