| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10012 |
| DP10012 Corporate Saving in Global Rebalancing | |
| Philippe Bacchetta; Kenza Benhima | |
| 发表日期 | 2014-06-01 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | In this paper, we examine theoretically how corporate saving in emerging markets is contributing to global rebalancing. We consider a two-country dynamic general equilibrium model, based on Bacchetta and Benhima (2014), with a Developed and an Emerging country. Firms need to save in liquid assets to finance their production projects, especially in the Emerging country. In this context, we examine the impact of a credit crunch in the Developed country and of a growth slowdown in both countries. These three shocks imply smaller global imbalances and a positive output comovement, but have a different impact on interest rates. Contrary to common wisdom, a slowdown in the Emerging market implies a trade balance improvement in the Developed country. |
| 主题 | International Macroeconomics |
| 关键词 | Capital flows Credit constraints Financial crisis Global imbalances |
| URL | https://cepr.org/publications/dp10012 |
| 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/538841 |
| 推荐引用方式 GB/T 7714 | Philippe Bacchetta,Kenza Benhima. DP10012 Corporate Saving in Global Rebalancing. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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