文章基本信息

标题：Capital Flows and Asset Prices
本地全文：下载
作者：Kosuke Aoki ; Gianluca Benigno ; Nobuhiro Kiyotaki 等
期刊名称：CEP Discussion Paper
出版年度：2009
卷号：2009
期号：apr
出版社：Centre for Economic Performance
摘要：After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account liberalization depends upon the degree of development of a domestic financial system, and why the economy with an underdeveloped financial system may be vulnerable to shocks to the domestic and foreign finance. We construct a model of a small open economy in which it is difficult to enforce debtors to repay their debts unless the debts are secured by collateral, and assets usable as collateral for international borrowing are more restricted than domestic borrowing
关键词：capital flows, asset prices, domestic and international borrowing constraints