G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1554
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
URLhttps://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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