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An overlapping generations model is used to examine the dynamic implications of trade in financial services. The model highlights the role of finance, through capital accumulation, in the growth process. Emphasis is placed on the dynamic relationship between financial intermediation and the evolution of the capital stock. This relationship has positive implications for the paths of income and consumption and for the inter-generational distribution of income. The results provide formal support for the argument that liberalizing trade in financial services implies dynamic effects grounded in the basic sources of comparative advantage. [F11, F43]
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Papers that cite the same references — the relational fallback while embeddings are still backfilling.
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