Nous construisons un modele simple d'equilibre de portefeuille entre les Etats-Unis et le Japon pour analyser les consequences des evolutions financieres recentes dans ces deux pays: politique monetaire et politique budgetaire tres expansionnistes au Japon; substitution de dette privee a la dette publique avec deficit exterieur aux Etats-Unis. Nous comparons les predictions du modele aux faits observes concernant les taux d'interet, le taux de change, les spreads de taux entre titres prives et publics.
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Paper provided by Caisse des Depots et Consignations - Cahiers de recherche in its series Papers with number
1999-33/ei.
Length: 25 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:cadeco:1999-33/ei
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Find related papers by JEL classification: F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements F31 - International Economics - - International Finance - - - Foreign Exchange G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions