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Capital Mobility and Poverty Traps in a Convex Model of Growth
( Christopher Tsoukis ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2003 Journal of Economic Integration Vol.18 No.4
We employ a convex model of growth, nesting both a neoclassical and endogenous growth regimes, as a framework for studying the contributions of capital accumulation to the widely documented divergence of international growth experiences. In particular, we study the importance of effective (physical) capital mobility in this respect. We show the conditions under which such mobility can give rise to what may be termed relative and absolute poverty traps. Greater effective capital mobility helps to deliver a greater global growth rate; but if unequally developed across countries, it can also help generate both relative and absolute poverty traps.
( Christopher Tsoukis ),( Ahmed Alyousha ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2001 Journal of Economic Integration Vol.16 No.2
We review the Feldstein-Horioka (1980) approach to the measurement of the degree of international capital mobility by the size of the saving-investment correlation; we conclude that it raises many problems. Instead, we employ Granger causality tests to measure capital mobility using quarterly data for a sample of 7 industrialised economies for a) the post-war period; and b) the 1980s and 1990s. For the cointegrated saving and investment ratios in the entire sample (Australia-UK), causality goes from saving to investment. For the single (German) cointe-grated pair of the 1980s and 1990s, causality runs in the opposite direction. We interpret this as evidence of increased international financial market integration post-1980.
Tsoukis, Christopher,Alyousha, Ahmed 세종대학교 국제경제연구소 2001 Journal of Economic Integration Vol.16 No.2
We review the Feldstein-Horioka (1980) approach to the measurement of the degree of international capital mobility by the size of the saving-investment correlation; we conclude that it raises many problems. Instead, we employ Granger causality tests to measure capital mobility using quarterly data for a sample of 7 industrialised economies for a) the post-war period; and b) the 1980s and 1990s. For the cointegrated saving and investment ratios in the entire sample (Australia-UK), causality goes from saving to investment. For the single (German) cointe-grated pair of the 1980s and 1990s, causality runs in the opposite direction. We interpret this as evidence of increased international financial market integration post-1980.