Imperfect capital mobility in an open economy model of capital accumulation /

Imperfect capital mobility in an open economy model of capital accumulation /

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Bibliographic Details
Author / Creator:	Klyuev, Vladimir, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2004.
Description:	1 online resource (18 pages) : illustrations.
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/04/31 IMF working paper ; WP/04/31.
Subject:	Capital movements -- Econometric models. Capital investments -- Econometric models. Foreign exchange rates -- Econometric models. Capital investments -- Econometric models. Capital movements -- Econometric models. Foreign exchange rates -- Econometric models. Capital mobility -- Econometric models. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12497833

Hidden Bibliographic Details
Other authors / contributors:	IMF Institute, issuing body.
ISBN:	1451892551 9781451892550 1281089001 9781281089007 9781451845051 1451845057
ISSN:	2227-8885
Notes:	Includes bibliographical references (pages 17-18). Restrictions unspecified Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	This paper introduces a tractable capital market friction mechanism that allows a break of the parity between domestic and external interest rates and generates a gradual evolution of capital stock and other macroeconomic variables-in contrast to the instantaneous convergence found in models with interest rate parity. The friction, derived from explicit microfoundations, is such that the cost of new loans is an increasing function of net borrowing. The paper also presents a two-sector, open economy model of capital accumulation, where the friction mechanism is combined with standard assumptions about household preferences and production technology, which generates plausible dynamics of macroeconomic variables.
Other form:	Print version: Klyuev, Vladimir. Imperfect capital mobility in an open economy model of capital accumulation. [Washington, D.C.] : International Monetary Fund, ©2004
Standard no.:	10.5089/9781451892550.001

Table of Contents:

"Contents"; "I. INTRODUCTION"; "II. FRICTION MECHANISM"; "III. MODEL OF CAPITAL ACCUMULATION WITH IMPERFECT CAPITAL MOBILITY"; "A. Firms and Household Sector"; "B. Short-Sighted Friction"; "C. Far-Sighted Friction"; "IV. CONCLUSION"; "REFERENCES"