Asset Bubbles and Global Imbalances

• 成果类型: Article
• 署名作者: Ikeda, Daisuke; Phan, Toan
• 署名单位: Bank of Japan; Federal Reserve System - USA; Federal Reserve Bank - Richmond
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20140286
• 发表日期: 2019
• 页码: 209-251
• 关键词: financial development; capital flows; GROWTH; MODEL; frictions; debt

摘要

We analyze the relationships between bubbles, capital flows, and economic activities in a rational bubble model with two large open economies. We establish a reinforcing relationship between global imbalances and bubbles. Capital flows from South to North facilitate the emergence and the size of bubbles in the North. Bubbles in the north in turn facilitate South-to-North capital flows. The model can simultaneously explain several stylized features of recent bubble episodes.