International Growth with Free Trade in Equities and Goods: A Comment
评论了Hori和Stein在1977年关于债权债务关系不同阶段的分析，指出其模型在经济增长向稳态过渡时存在两次转换，且消费品中资本流动与人均产出之间缺乏关系。
textabstractComments on shortcomings in the analysis by Hori and Stein in 1977 on different stages of creditor-debtor relationship. Occurrence of two swithces in the relationship with economic growth towards steady state; Absence of relationship between flow of capital and output per capita in consumer goods; Features of the Hori and Stein model; Analysis of the stages of balance of payments.