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Capital Flows to the New World as an Intergenerational Transfer

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Author Info
Taylor, Alan M
Williamson, Jeffrey G

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Abstract

The late nineteenth century saw international mass migrations of capital and labor from the Old World to the New. Factors chased each other and the abundant resources at the frontier. Demographic structure also contributed to the massive capital flows from Britain to the New World. The dependency hypothesis is confirmed by estimation of savings functions in three New World economies (Argentina, Australia, and Canada) in which high dependency rates may have significantly depressed domestic savings rates and pulled in foreign investment: in effect an intergenerational transfer from old savers in the Old World to young savers in the New. Copyright 1994 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 102 (1994)
Issue (Month): 2 (April)
Pages: 348-71
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Handle: RePEc:ucp:jpolec:v:102:y:1994:i:2:p:348-71

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David, Paul A., 1977. "Invention and accumulation in america's economic growth: A nineteenth-century parable," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 6(1), pages 179-228, January. [Downloadable!] (restricted)
  2. Leff, Nathaniel H, 1969. "Dependency Rates and Savings Rates," American Economic Review, American Economic Association, vol. 59(5), pages 886-96, December. [Downloadable!] (restricted)
  3. Taylor, Alan M., 1992. "External Dependence, Demographic Burdens, and Argentine Economic Decline After the Belle ?poque," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 907-936, December. [Downloadable!]
  4. Neal, Larry, 1985. "Integration of International Capital Markets: Quantitative Evidence from the Eighteenth to Twentieth Centuries," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 219-226, June. [Downloadable!]
  5. McLean, I.W., 1991. "Saving in Settler Economies: Australian and North American Comparisons," Papers 91-7, University of Adelaide - Department of Economics.
  6. M.C. Urquhart, 1988. "Canadian Economic Growth 1870-1980," Working Papers 734, Queen's University, Department of Economics.
  7. Hammer, Jeffrey S., 1986. "Population growth and savings in LDCs: A survey article," World Development, Elsevier, vol. 14(5), pages 579-591, May. [Downloadable!] (restricted)
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