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Long-run effects of capital market integration using OLG model

Author

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  • Philippe Darreau

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

  • François Pigalle

    (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges)

Abstract

Buiter (1981) illustrates that in the OLG model, the ranking of stationary utility levels under autarky and openness, is ambiguous. We show that both countries increase their stationary utility levels only if the autarky capital-labor ratios are on opposite sides of the golden rule.

Suggested Citation

  • Philippe Darreau & François Pigalle, 2014. "Long-run effects of capital market integration using OLG model," Post-Print hal-01076341, HAL.
    • Handle: RePEc:hal:journl:hal-01076341
    Note: View the original document on HAL open archive server: https://hal.science/hal-01076341
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