Title

International Lending and Borrowing in a Stochastic Sequence Equilibrium

Document Type

Discussion Paper

Publication Date

5-1-1985

CFDP Number

771

CFDP Pages

32

Abstract

The objective of this paper is to study international lending and borrowing in general equilibrium framework in which countries are subject to stochastic productivity fluctuations. The role of time preference, borrowing limits, and lump sum taxation are rigorously analyzed, yielding results which enrich those obtained in the existing literature.

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