Hidden Bibliographic Details
| Other authors / contributors: | IMF Institute, issuing body.
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| ISBN: | 1451892551
9781451892550
1281089001
9781281089007
9781451845051
1451845057
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| ISSN: | 2227-8885
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| 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.
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| 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.
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| Other form: | Print version: Klyuev, Vladimir. Imperfect capital mobility in an open economy model of capital accumulation. [Washington, D.C.] : International Monetary Fund, ©2004
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| Standard no.: | 10.5089/9781451892550.001
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