| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5533 |
| DP5533 Optimal Fiscal Policy Rules in a Monetary Union | |
| David Vines; Simon Wren-Lewis; Tatiana Kirsanova; Mathan Satchi | |
| 发表日期 | 2006-03-02 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper analyses the determinants of international asset portfolios, using a neoclassical dynamic general equilibrium model with home bias in consumption. For plausible parameter values, the model explains the fact that typical investors hold most of their wealth in domestic assets (portfolio home bias). In the model, the current account balance (change in net foreign assets) is mainly driven by fluctuations in equity prices; the current account is predicted to be highly volatile and to exhibit low serial correlation; changes in a country's foreign equity assets and liabilities are predicted to be highly positively correlated. The paper constructs current account series that include external capital gains/losses, for 17 OECD economies. The behaviour of those series confirms the theoretical predictions. |
| 主题 | International Macroeconomics |
| 关键词 | International portfolio holdings Current account Consumption and portfolio home bias |
| URL | https://cepr.org/publications/dp5533 |
| 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/534377 |
| 推荐引用方式 GB/T 7714 | David Vines,Simon Wren-Lewis,Tatiana Kirsanova,et al. DP5533 Optimal Fiscal Policy Rules in a Monetary Union. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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