| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5523 |
| DP5523 Competition for Order Flow and Smart Order Routing Systems | |
| Thierry Foucault; Albert J. Menkveld | |
| 发表日期 | 2006-03-22 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Three of the most important recent facts in global macroeconomics - the sustained rise in the US current account deficit, the stubborn decline in long run real rates, and the rise in the share of US assets in global portfolio - appear as anomalies from the perspective of conventional wisdom and models. Instead, in this paper we provide a model that rationalizes these facts as an equilibrium outcome of two observed forces: a) potential growth differentials among different regions of the world and, b) hetero- geneity in these regions? capacity to generate financial assets from real investments. In extensions of the basic model, we also generate exchange rate and FDI excess returns which are broadly consistent with the recent trends in these variables. Unlike the conventional wisdom, in the absence of a large change in (a) or (b), our model does not augur any catastrophic event. More generally, the framework is flexible enough to shed light on a range of scenarios in a global equilibrium environment. |
| 主题 | International Macroeconomics |
| 关键词 | Current account deficits Capital flows Interest rates Global portfolios and equilibrium Growth and financial development asymmetries Exchange rates Fdi Intermediation rents |
| URL | https://cepr.org/publications/dp5523 |
| 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/534414 |
| 推荐引用方式 GB/T 7714 | Thierry Foucault,Albert J. Menkveld. DP5523 Competition for Order Flow and Smart Order Routing Systems. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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