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• W1968646786 abstract "This paper examines the joint determination of international debt and capital accumulation in a two-country model. National rates of time preference are endogenous, adjusting along an optimal path to come into equality with one another in the steady state. The characteristics of short-run current account dynamics are crucially linked to world capital accumulation and to a country's long-run net external asset position. Steady-state creditor countries tend to have current account surpluses during episodes of world output growth and vice versa for debtor countries. This gives rise to possible non-monotonic adjustment in the current account and consumption." @default.
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• W1968646786 date "1991-02-01" @default.
• W1968646786 modified "2023-09-25" @default.
• W1968646786 title "Capital accumulation and the current account in a two-country model" @default.
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• W1968646786 doi "https://doi.org/10.1016/0022-1996(91)90002-n" @default.
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