Ciência-IUL
Publicações
Descrição Detalhada da Publicação
The impact of financial integration and unilateral public transfers on investment and growth in EC capital-importing countries
Título Revista
Journal of Development Economics
Ano (publicação definitiva)
1995
Língua
Inglês
País
Países Baixos (Holanda)
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Abstract/Resumo
This paper develops an endogenous growth model of private, public, and human capital accumulation, in which the public and the current account balances play a crucial role, with the purpose of studying the impact of financial integration and unilateral public transfers on the intertemporal paths of EC capital-importing economies. While both financial integration and unilateral public transfers generate a wealth effect, they affect different types of investment activities, and have different effects on foreign borrowing. The theoretical model is applied to Portugal. Numerical simulation suggest that these structural changes have a substantial impact on growth and on the convergence of Portuguese GDP per capita to EC standards. The structural changes, however, affect negatively the domestic policy options in face of the requirements of the Economic and Monetary Union in the EC.
Agradecimentos/Acknowledgements
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Palavras-chave
Classificação Fields of Science and Technology
- Economia e Gestão - Ciências Sociais