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- catalog abstract "In this paper, we have constructed an Overlapping-Generations model where agents vote on whether to open or close the economy to international capital flows. If the production function has a stochastic component, the political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely hedge their savings income. In contrast, in a closed economy, the workers (young) partiallyinsulate wages from the risk of the productivity shocks. We find three possible equilibrium outcomes: economies that eventually remain open, those that eventually remain closed, and those that cycle between open and closed.".
- catalog contributor b12944148.
- catalog contributor b12944149.
- catalog contributor b12944150.
- catalog created "2002, c2001.".
- catalog date "2002".
- catalog date "2002, c2001.".
- catalog dateCopyrighted "2002, c2001.".
- catalog description "In this paper, we have constructed an Overlapping-Generations model where agents vote on whether to open or close the economy to international capital flows. If the production function has a stochastic component, the political decisions are shaped by the risk over capital and labor returns. In an open economy, the capitalists (old) completely hedge their savings income. In contrast, in a closed economy, the workers (young) partiallyinsulate wages from the risk of the productivity shocks. We find three possible equilibrium outcomes: economies that eventually remain open, those that eventually remain closed, and those that cycle between open and closed.".
- catalog description "Includes bibliographical references.".
- catalog extent "34 p. :".
- catalog isPartOf "Working paper (Harvard Business School. Division of Research) ; 02-013.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 02-013".
- catalog issued "2002".
- catalog issued "2002, c2001.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Capital controls, risk and liberalization cycles / Laura Alfaro, Fabio Kanczuk.".
- catalog type "text".