G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7480
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
URLhttps://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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