Philippe, Bacchetta; Kenza, Benhima - Départment d'économétrie et d'économie politique … - 2010
In the recent decade, capital outflows from emerging economies, in the form of a demand for liquid assets, have played a key role in the context of global imbalances. In this paper, we model the demand for liquid assets by firms in a dynamic open-economy macroeconomic model. We find that the...