| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9424 |
| DP9424 Assessing International Efficiency | |
| Jonathan Heathcote; fabrizio perri | |
| 发表日期 | 2013-04-14 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | This paper is structured in three parts. The first part outlines the methodological steps, involving both theoretical and empirical work, for assessing whether an observed allocation of resources across countries is efficient. The second part applies the methodology to the long-run allocation of capital and consumption in a large cross section of countries. We find that countries that grow faster in the long run also tend to save more both domestically and internationally. These facts suggest that either the long-run allocation of resources across countries is inefficient, or that there is a systematic relation between fast growth and preference for delayed consumption. The third part applies the methodology to the allocation of resources across developed countries at the business cycle frequency. Here we discuss how evidence on international quantity comovement, exchange rates, asset prices, and international portfolio holdings can be used to assess efficiency. Overall, quantities and portfolios appear consistent with efficiency, while evidence from prices is difficult to interpret using standard models. The welfare costs associated with an inefficient allocation of resources over the business cycle can be significant if shocks to relative country permanent income are large. In those cases partial financial liberalization can lower welfare. |
| 主题 | International Macroeconomics |
| 关键词 | International business cycles international risk sharing Long-run growth Long-run risk Real exchange rate |
| URL | https://cepr.org/publications/dp9424 |
| 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/538260 |
| 推荐引用方式 GB/T 7714 | Jonathan Heathcote,fabrizio perri. DP9424 Assessing International Efficiency. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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