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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP7480 |
DP7480 Growth After the Crisis | |
Dani Rodrik | |
发表日期 | 2009-09-27 |
出版年 | 2009 |
语种 | 英语 |
摘要 | We model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive, deriving a convenient formula for the economy's target value of assets. The target is the level of assets that balances impatience, prudence, risk, intertemporal substitution, and the rate of return. We use the model to shed light on two topical questions: The 'upstream' flows of capital from developing countries to advanced countries, and the long-run impact of resorbing global financial imbalances. |
主题 | International Macroeconomics |
关键词 | Buffer stock saving Capital flows Foreign exchange reserves Net foreign assets Small open economy Sovereign wealth funds |
URL | https://cepr.org/publications/dp7480 |
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/536317 |
推荐引用方式 GB/T 7714 | Dani Rodrik. DP7480 Growth After the Crisis. 2009. |
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