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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP1554 |
DP1554 Country Size and Comparative Advantage: An Empirical Study | |
Johan Torstensson | |
发表日期 | 1997-01-31 |
出版年 | 1997 |
语种 | 英语 |
摘要 | Nominal assets play a major role in international financial markets, while trade in indexed bonds is not empirically relevant. As a result, agents are generally exposed to both price and exchange rate uncertainty. Nonetheless, previous research on net capital flows has assumed the presence of a risk-free vehicle to intertemporal asset trade. In this paper, we present a general equilibrium intertemporal model with trade limited to nominal bonds and equity. We find that the absence of a risk-free bond generally dampens net capital flows, thus making economies effectively more closed. |
主题 | International Macroeconomics |
关键词 | Exchange rate uncertainty Net capital flows Nominal risk |
URL | https://cepr.org/publications/dp1554 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/530697 |
推荐引用方式 GB/T 7714 | Johan Torstensson. DP1554 Country Size and Comparative Advantage: An Empirical Study. 1997. |
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