INTERNATIONAL INVESTMENT BARRIERS IN GENERAL EQUILIBRIUM
成果类型：
Article
署名作者：
SELLIN, P; WERNER, IM
署名单位：
Stanford University; Stockholm University; National Bureau of Economic Research
刊物名称：
JOURNAL OF INTERNATIONAL ECONOMICS
ISSN/ISSBN：
0022-1996
DOI：
10.1016/0022-1996(93)90070-E
发表日期：
1993
页码：
137-151
关键词：
摘要：
This paper examines quantitative international investment barriers in a general equilibrium model. The constraints force otherwise similar agents to hold different portfolios of risky assets. We show that this induces lending and borrowing. This in turn introduces a hedging motive against shifts in the interest rate. The factors affecting agents' portfolio choice, the allocation of capital across countries, as well as the interest rate are characterized. We conjecture that the equilibrium world interest rate will be lower in the constrained situations than with free capital flows.