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A Disequilibrium Model of International Capital Mobility

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  • Ianchovichina, Elena
  • Robert McDougall
  • Thomas W. Hertel

Abstract

Paper presented at the 2nd Annual Conference on Global Economics Analysis, Denmark, June 20-22. The paper proposes a new disequilibrium approach to modeling international capital mobility for a dynamic multi- region general equilibrium model. Key to this approach are errors in investors’ assessments of potential returns to capital, such as those recently observed in Asia. The investment theory, compatible with a simple recursive solution procedure, ensures the convergence of the model towards a stable equilibrium, brings realism into the analysis of international capital mobility and flexibility in tailoring to empirical data. The paper discusses two numerical examples, demonstrating the long- run convergence of the model and the dynamic adjustment to a deeper, longer crisis in Asia.

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File URL: http://www.gtap.agecon.purdue.edu/resources/res_display.asp?RecordID=399
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Bibliographic Info

Paper provided by Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University in its series GTAP Working Papers with number 399.

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Date of creation: 2000
Date of revision:
Handle: RePEc:gta:workpp:399

Note: GTAP Working Paper No. 10
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Cited by:
  1. Brown, D.K. & Stern, R.M., 1999. "Measurement and Modeling of the Economic Effects of Trade and Investment Barriers in Services," Working Papers, Research Seminar in International Economics, University of Michigan 453, Research Seminar in International Economics, University of Michigan.
  2. Lemelin, André & Robichaud, Véronique & Decaluwé, Bernard, 2013. "Endogenous current account balances in a world CGE model with international financial assets," Economic Modelling, Elsevier, Elsevier, vol. 32(C), pages 146-160.
  3. Robert M. Stern, 2000. "Quantifying Barriers to Trade in Services," Working Papers, Research Seminar in International Economics, University of Michigan 470, Research Seminar in International Economics, University of Michigan.
  4. Ianchovichina, Elena & McDougall, Robert & Hertel, Thomas W., 1999. "The East Asian Crisis: A Dynamic Computable General Equilibrium Analysis," 1999 Annual meeting, August 8-11, Nashville, TN, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) 21587, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  5. Philip Abbott & Jeanet Bentzen & Finn Tarp, 2007. "Vietnam’s Accession to the WTO: Lessons from Past Trade Agreements," Discussion Papers, University of Copenhagen. Department of Economics 07-06, University of Copenhagen. Department of Economics.
  6. Das, Gouranga Gopal & Alavalapati, Janaki, 2001. "Trade-mediated biotechnology transfer and its effective absorption: an application to the U.S. forestry sector," MPRA Paper 37254, University Library of Munich, Germany, revised 01 Feb 2002.

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