| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2885 |
| DP2885 Chicken and Egg: Competing Matchmakers | |
| Bernard Caillaud; Bruno Jullien | |
| 发表日期 | 2001-07-17 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this Paper, we show that a small set of fundamentals shifts in relative output levels, the stock of public debt and demographic factors can do much to explain the evolution of net foreign asset positions. In addition, we highlight that ?external wealth? plays a critical role in determining the behavior of the trade balance, both through shifts in the desired net foreign asset position and the investment returns generated on the outstanding stock of net foreign assets. Finally, we provide some evidence that a portfolio balance effect exists: real interest rate differentials are inversely related to net foreign asset positions. |
| 主题 | International Macroeconomics |
| 关键词 | Net foreign assets Capital flows Trade balance Portfolio balance |
| URL | https://cepr.org/publications/dp2885 |
| 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/531929 |
| 推荐引用方式 GB/T 7714 | Bernard Caillaud,Bruno Jullien. DP2885 Chicken and Egg: Competing Matchmakers. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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