| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5761 |
| DP5761 Is Partial Tax Harmonization Desirable? | |
| Raymond Riezman; Carlo Perroni; Paola Conconi | |
| 发表日期 | 2006-07-17 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Recent global imbalances and large gross external financial movements have raised interest in modeling the relationship between international financial market structure and capital flows. This paper constructs a model in which the composition of national portfolios is an essential element in facilitating international capital flows. Each country chooses an optimal portfolio in face of real and nominal risk. Current account deficits are financed by net capital flows which reflect differential movements in the holdings of gross external assets and liabilities. A country experiencing a current account deficit will be accumulating both gross external liabilities and gross external assets. Net capital flows generate movements in risk premiums such that the rate of return on a debtor country's gross liabilities is lower than the return on its gross assets. This ensures stability of the world wealth distribution. An attractive feature of the model is that portfolio shares, returns, and the wealth distribution can be characterized analytically. A calibrated version of the model can match quite well the observed measures of gross and net external assets and liabilities for the US economy. |
| 主题 | International Macroeconomics |
| 关键词 | Current account International capital flows Portfolio |
| URL | https://cepr.org/publications/dp5761 |
| 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/534603 |
| 推荐引用方式 GB/T 7714 | Raymond Riezman,Carlo Perroni,Paola Conconi. DP5761 Is Partial Tax Harmonization Desirable?. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
