Investimento e poupança na economia aberta de dois setores

• Autor(a) principal: Toledo, Joaquim Elói Cirne de
• Data de Publicação: 1986
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Estudos Econômicos (São Paulo)
• Texto Completo: https://www.revistas.usp.br/ee/article/view/157305

This Essay considers the transfer problem, from te point of view of optimum control policies and in a descentralized, perfectly competitive economy. The framework is an infinite-horizon, intertemporal optimizing growth model in a small, two-sector (tradeables and non-tradeables) open economy. We show that the optimal response to both favorable and adverse external economic shocks always includes a change in the level and/or allocation of aggregate investment, and in the savings rate. Higher transfers abroad lead to increased aggregate investment and lower savings, therefore to a larger current account deficit. It is also shown that an adverse change in the (external) terms of trade leads to higher levels of output and net exports of traded goods.