| 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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