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International Capital Flows: Two Extensions of the MFTobin Model

In: Asset Markets, Portfolio Choice and Macroeconomic Activity

Author

Listed:
  • Toichiro Asada

    (Chuo University)

  • Peter Flaschel

    (Bielefeld University)

  • Tarik Mouakil

    (University of Cambridge)

  • Christian Proaño

    (The New School for Social Research)

Abstract

Over the last decade, the unprecedented increase in the internal and external imbalances of two of the largest economies in the world, the USA and China, has raised serious concerns about the stability of the world economy. Nevertheless, a correction of these imbalances by means of a significant readjustment concerning the US dollar does not seem very likely in the near future, due to a reluctance of some governments to deal with this issue. In light of this, national wage-price adjustments as well as foreign asset in- and out-flows have become important macroeconomic adjustment mechanisms.

Suggested Citation

  • Toichiro Asada & Peter Flaschel & Tarik Mouakil & Christian Proaño, 2011. "International Capital Flows: Two Extensions of the MFTobin Model," Palgrave Macmillan Books, in: Asset Markets, Portfolio Choice and Macroeconomic Activity, chapter 6, pages 128-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-30777-3_6
    DOI: 10.1057/9780230307773_6
    as

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