Abstract
Land as a consumer good is introduced into a model of a small open economy under capital mobility. The consumer′s utility function is characterized by an Uzawa-type variable discount rate. The determination of land value and external position and their relation to the endowment of land are discussed. It can be shown that the total land value of a country with less land is larger than that of a country with more land, and that the former country accumulates more external assets than the latter. J. Japan. Int. Econ., June 1994, 8(2), pp. 220–233. Department of Law, The Chuow University, Higashi-Nakano, 742-1, Hachioji-Shi, Tokyo 192-03, Japan.
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