التفاصيل البيبلوغرافية
| العنوان: |
Asset-market structure and international trade dynamics. |
| المؤلفون: |
Arvanitis, Athanasios V., Mikkola, Anne |
| المصدر: |
American Economic Review; May96, Vol. 86 Issue 2, p67, 4p, 2 Charts |
| مصطلحات موضوعية: |
ASSETS (Accounting), INTERNATIONAL trade, ECONOMETRIC models, FREE trade, CONSUMPTION (Economics), ECONOMISTS, BUSINESS cycles, BUSINESS conditions, UTILITY functions, ELASTICITY (Economics) |
| مستخلص: |
The importance of the asset-market structure for the trade dynamics and the terms of trade have been approached from within a simple exchange-economy model. Economist David Backus shows that asset-market incompleteness affects the distribution of wealth across countries, thus the behavior of consumption, and thereby the relation between the trades balances and the terms of trade. Economists examine the implications of restricting asset markets in an international real-business-cycle model of two interacting countries. Further, they explore whether incomplete-markets models can replicate the stylized facts better than the complete-markets models as has been suggested by economists Marianne Baxter and Mario Crucini. To this end, they investigate whether the introduction of two imperfectly substitutable goods in consumption and production improves on some of the cross-country correlations that have been problematic for these models to explain. The production and the utility functions take a constant-elasticity-of-substitution (CES) form, allowing us to test the model's behavior under different substitutability assumptions. The CES structure in production allows the two goods to be traded for investment purposes. |
| قاعدة البيانات: |
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