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Financial liberalization, low world interest rates and global imbalances: a note with a simple two-country model

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  • Roberto Duncan

Abstract

We can understand the role of the liberalization of capital outflows on the global imbalances, the increasing share of US equities in foreign investors' portfolio and the decline in the world interest rate and the S&P dividend-price ratio, facts observed during the last three decades, when taxes on international asset holdings are reduced in a simple two-country model with costs of portfolio adjustment.

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  • Roberto Duncan, 2014. "Financial liberalization, low world interest rates and global imbalances: a note with a simple two-country model," Applied Economics Letters, Taylor & Francis Journals, vol. 21(14), pages 1025-1029, September.
    • Handle: RePEc:taf:apeclt:v:21:y:2014:i:14:p:1025-1029
    DOI: 10.1080/13504851.2014.907467
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