International Financial Crises and Financial Integration

国际金融危机与金融一体化

• 批准号: 9022732
• 负责人: Maurice OBSTFELD
• 金额: $ 15.78万
• 依托单位: National Bureau of Economic Research Inc
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1991
• 资助国家: 美国
• 起止时间: 1991-07-01 至 1995-12-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9022732&HistoricalAwards=false
• 关键词: International; Financial; Crises; Integration

The goal of this research is to understand the economic factors producing different policy outcomes in open economies, and to evaluate in a quantitative fashion the implications for global welfare of the increasing integration of world financial markets. To further the first component of this plan, the project studies game-theoretic models of discretionary policymaking, assuming that the private sector has rational expectations. Central issues include the possibility of default on public debt and the role of currency devaluation in financial crises. The second component of the work calculates measures of the gains to countries from the ability to pool country-specific risks internationally, and to borrow and lend. Linkages between international capital mobility and long-run economic growth rates will also be studied. This project has the potential to explain certain empirical features of international capital markets. In addition, the findings are relevant for judging the likely benefits of measure to integrate capital markets further - such as the current initiatives within the European Community - or the costs of measures to restrict capital movements, which sometimes are proposed on macroeconomic grounds.

这项研究的目的是了解经济因素 在开放经济中产生不同的政策结果， 以定量方式评估对全球的影响 世界金融市场日益一体化的好处。 为进一步落实该计划的第一部分， 博弈论的自由裁量决策模型，假设， 私营部门有合理的预期。 中心问题 包括公共债务违约的可能性以及 金融危机中的货币贬值。 的第二组分 这项工作计算了各国从 有能力在国际上分担具体国家的风险， 借和贷。 国际资本流动之间的联系 长期经济增长率也将得到研究。 这个项目有可能解释某些经验性的 国际资本市场的特点。 此外该 研究结果与判断措施的可能益处有关， 进一步整合资本市场，例如目前的 欧洲共同体内部的倡议-或 限制资本流动的措施，有时 从宏观经济角度看。