International Credit Flows and Pecuniary Externalities
收藏数据链接：
官方服务：
资源简介：
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
提供机构：
美国国家经济研究局创建时间：
2015-01-01
