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L'endettement extérieur dans un modèle de croissance en déséquilibre

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  • Martin Rama

Abstract

[eng] Foreign indebtedness in a disequilibrium growth model . . This paper analyses the relationship between economie growth and foreign indebtedness, and discusses the idea that repayment follows indebtedness (the theory of the « stages » of the balance of payments). The paper is based on an intertemporal disequilibrium model with dual decision, where there is « unlimited » supply of labor in the short run. As a rule, the solution of the model loes not include foreign indebtedness inflections, confirming the results of the equilibrium intertemporal models. However an overchooting of real wages once full employment is attained gives rise to the diagram postulated by the « stages » theory. [fre] L'endettement extérieur dans un modèle de croissance en déséquilibre. . Cet article analyse le rapport entre la croissance économique et l'endettement extérieur, et discute l'idée d'après laquelle à l'endettement succède le remboursement (théorie des « étapes » de la balance des paiements). L'article repose sur un modèle intertemporel de déséquilibre avec décision duale, dans lequel il y a une offre « illimitée » de main-d'œuvre à court terme. Dans le cas général, la solution du modèle ne comporte pas d'inflexions dans l'évolution de l'endettement extérieur, ce qui confirme les résultats des modèles intempo­rels d'équilibre. Mais un surajustement du salaire réel, une fois que le plein emploi est atteint, donne lieu au schéma postulé par la théorie des « étapes ».

Suggested Citation

  • Martin Rama, 1987. "L'endettement extérieur dans un modèle de croissance en déséquilibre," Revue Économique, Programme National Persée, vol. 38(5), pages 933-948.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1987_num_38_5_409014
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    References listed on IDEAS

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    1. Ginsburgh, V & Henin, P Y & Michel, Ph, 1985. "A Dual Decision Approach to Disequilibrium Growth," Oxford Economic Papers, Oxford University Press, vol. 37(3), pages 353-361, September.
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    8. Hamada, Koichi, 1969. "Optimal Capital Accumulation by an Economy Facing an International Capital Market," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 684-697, Part II, .
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