摘要：This paper is a consideration of strategic aspects of national saving policies in a game
theory setting. In pure exchange economy involving two countries, each government chooses
a future time path of the national consumption-wealth ratio in order to maximize its citizens’
utility. When private time preference rates of two countries are di#erent, the government of
the country with the lower time preference rate has an incentive to slow down the national
asset accumulation. The government of the higher time preference rate country has an
incentive to slow down the national asset reduction. In Cournot-Nash equilibria of this
dynamic game, international capital flows are depressed as compared with competitive
equilibria, which are Pareto-optimal. It is shown that the governments achieve the Cournot-
Nash equilibrium path of consumption-wealth ratio using a set of taxes and subsidies. A large
country intervenes into the market more than a small one. In this sense, a large country
exploits a small one. Dynamics of world interest rates are also analyzed.
关键词：Dynamic Game, International Lending, Intertemporal Terms of Trade
