全球智库信息集成服务系统(G2TT): Can Capital Mobility be Destabilizing?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w7263
来源ID	Working Paper 7263
	Can Capital Mobility be Destabilizing?
	Qinglai Meng; Andres Velasco
发表日期	1999-07-01
出版年	1999
语种	英语
摘要	In a standard two-sector neoclassical model with distortions, capital mobility can render the steady state indeterminate, in the sense that there exist infinitely many convergent paths. In the closed economy with no international capital mobility, the utility function must be linear or close to it for indeterminacy to occur, while in the open economy the shape of the utility function makes no difference. The reason is that in the no mobility case changes in aggregate investment must be matched by changes in aggregate consumption, while in the case of full capital mobility they can simply be financed by borrowing abroad. The paper provides some theoretical underpinnings to the concerns that de-regulating the capital account may be destabilizing.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w7263
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/564795
推荐引用方式 GB/T 7714	Qinglai Meng,Andres Velasco. Can Capital Mobility be Destabilizing?. 1999.