Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/55612 
Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Working Papers No. 04-8
Verlag: 
Federal Reserve Bank of Boston, Boston, MA
Zusammenfassung: 
In this paper, we show that incomplete markets lead to trade imbalances. We use a two-period general equilibrium model with countries composed of heterogeneous households. We look at a world where, when markets are complete, countries engage in balanced trade; and we show that when some of those markets are absent, trade imbalances emerge. Market incompleteness across countries causes trade imbalances because national income in some countries is more sensitive to risky asset payoffs than in others. Market incompleteness within countries causes trade imbalances because superior risk-sharing in one country leads to a lower precautionary demand for saving.
JEL: 
D52
F30
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
289.34 kB





Publikationen in EconStor sind urheberrechtlich geschützt.