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dc.contributor.authorCarroll, Christopher D.en_US
dc.contributor.authorJeanne, Olivieren_US
dc.date.accessioned2009-08-07en_US
dc.date.accessioned2010-12-15T09:22:29Z-
dc.date.available2010-12-15T09:22:29Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:hebis:30-68346-
dc.identifier.urihttp://hdl.handle.net/10419/43247-
dc.description.abstractWe model the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature as intractable. Our model captures many of the principal insights from the existing specialized literature on the precautionary motive, deriving a convenient formula for the economy's target value of assets. The target is the level of assets that balances impatience, prudence, risk, intertemporal substitution, and the rate of return. We use the model to shed light on two topical questions: The 'upstream' flows of capital from developing countries to advanced countries, and the long-run impact of resorbing global financial imbalances.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2009/15en_US
dc.subject.jelC61en_US
dc.subject.ddc330en_US
dc.subject.keywordBuffer Stock Savingen_US
dc.subject.keywordNet Foreign Assetsen_US
dc.subject.keywordSovereign Wealth Fundsen_US
dc.subject.keywordForeign Exchange Reservesen_US
dc.subject.keywordSmall Open Economy Modelsen_US
dc.subject.stwSparenen_US
dc.subject.stwKassenhaltungsansatzen_US
dc.subject.stwAuslandsvermögenen_US
dc.subject.stwWährungsreservenen_US
dc.subject.stwStaatsfondsen_US
dc.subject.stwKleines-offenes-Landen_US
dc.subject.stwTheorieen_US
dc.subject.stwNord-Süd-Beziehungenen_US
dc.subject.stwKapitalmobilitäten_US
dc.subject.stwWelten_US
dc.titleA tractable model of precautionary reserves, net foreign assets, or sovereign wealth fundsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn606244395en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:200915-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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