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dc.contributor.authorWillen, Paulen
dc.date.accessioned2012-02-23T08:23:54Z-
dc.date.available2012-02-23T08:23:54Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/55612-
dc.description.abstractIn 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.en
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of Boston |cBoston, MAen
dc.relation.ispartofseries|aWorking Papers |x04-8en
dc.subject.jelD52en
dc.subject.jelF30en
dc.subject.ddc330en
dc.titleIncomplete markets and trade-
dc.typeWorking Paperen
dc.identifier.ppn500707774en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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