Movilidad del capital, tasa de interés, tipo de cambio real y crecimiento económico

Abstract

We develop an endogenous growth model with two sectors: tradable and non-tradable. The tradable sector is the source of technological knowledge. The households have a credit constraint, thus tradable capital only serves as collateral for international borrowing. Foreign investors perceive a country risk. In the steady state, we show that an increase in the ratio of external debt to tradable capital, without reduction the country risk premium, does not affect the real exchange rate. Thus, the growth rate of the economy increases. However, an increase in the ratio of external debt to tradable capital, with reduction in the country risk premium, produces an appreciation of real exchange rate. Therefore, the tradable sector is harmed and the growth rate of the economy can increase or decrease, depending on the degree of appreciation.