International Lending and Borrowing in a Stochastic, Stationary Equilibrium
International Lending and Borrowing in a Stochastic, Stationary Equilibrium
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随机、平稳均衡中的国际借贷
DOI：
10.2307/2527160
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发表时间：
1990
期刊：
影响因子：
--
通讯作者：
Richard Clarida
中科院分区：
文献类型：
--
作者：
Richard Clarida
本文建立了一个简单的国际借贷一般均衡模型，其中国家产品受制于随机波动。国际资本流动产生于不同国家规避风险的家庭通过积累可用于资助相对于国民收入变化较小的消费状况的外国索赔权，为抵御随机收入波动进行自我保险的努力。在不存在总不确定性的情况下，尽管各国的时间偏好率不同，但仍存在一个平稳的理性预期均衡。获得了许多结果，其中许多结果丰富了现有文献中的结果。版权归宾夕法尼亚大学经济系和大阪大学社会经济研究所协会所有。
This paper develops a simple general equilibrium model of international borrowing and lending in which national products are subject to random fluctuations. International capital flows arise from the efforts of risk-averse households in different countries to self-insure against random income fluctuations by accumulating foreign claims that can be used to finance a less-variable profile of consumption relative to national income. In the absence of aggregate uncertainty, a stationary, rational expectations equilibrium is shown to exist, despite the fact that rates of time preference differ among countries. A number of results, many of which enrich those in the existing literature, are obtained. Copyright 1990 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.