International Credit Flows and Pecuniary Externalities
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https://www.nber.org/papers/w20803
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This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First, an undercapitalized country borrows too
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美国国家经济研究局创建时间：
2015-01-01
