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We examine the impact of the last five decades of financial globalization on world GDP and income distribution, using a novel multi-country dynamic general equilibrium model that incorporates a demand system for international assets. We introduce, estimate and validate new country-level measures...
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We quantify the impact of barriers to international investment, using a novel multi-country dynamic general equilibrium model with heterogeneous investors and imperfect capital mobility. Our model yields a gravity equation for bilateral foreign asset positions. We estimate this gravity equation...
Persistent link: https://www.econbiz.de/10012514947
reconcile with frictionless capital markets. In this paper, we develop a theory of international capital allocation: a multi …
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Recent empirical findings attribute a central role to the degree of economic openness for determining the size of the fiscal multiplier. However, traditional macroeconomic models have difficulties in accounting for this evidence. It is the purpose of this paper to provide a theoretical framework...
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