| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3513 |
| DP3513 Business Creation and the Stock Market | |
| Javier Suarez; Claudio Michelacci | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Faced with income fluctuations, countries smooth their consumption by raising savings when income is high, and vice versa. How much of these savings do countries invest at home and abroad? In other words, what are the effects of fluctuations in savings on domestic investment and the current account? In the long-run, we find that countries invest the marginal unit of savings in domestic and foreign assets in the same proportions as in their initial portfolio, so that the latter is remarkably stable. In the short run, we find that countries invest the marginal unit of savings mostly in foreign assets, and only gradually do they rebalance their portfolio back to its original composition. This means that countries not only try to smooth consumption, but also domestic investment. To achieve this, they use foreign assets as a buffer stock. |
| 主题 | International Macroeconomics |
| 关键词 | Current account adjustment Short- and long-run International capital flow |
| URL | https://cepr.org/publications/dp3513 |
| 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/532527 |
| 推荐引用方式 GB/T 7714 | Javier Suarez,Claudio Michelacci. DP3513 Business Creation and the Stock Market. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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