Polemarchakis, Herakles M; Salto, Matteo - In: Review of International Economics 10 (2002) 3, pp. 459-68
In a world economy of overlapping generations with multiple countries, a competitive equilibrium need not satisfy the condition that the balance of payments be in equilibrium. The requirement that, in addition to market clearing, a balance-of-payments equilibrium condition be satisfied selects...
