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GTAP Resource #399

"A Disequilibrium Model of International Capital Mobility"
by Ianchovichina, Elena, Robert McDougall and Thomas Hertel


Abstract
Paper presented at the Second Annual Conference on Global Economics Analysis, Denmark, June 20-22.

The paper proposes a new disequilibrium approach to modeling international capital mobility for a dynamic multi- region general equilibrium model. Key to this approach are errors in investors’ assessments of potential returns to capital, such as those recently observed in Asia. The investment theory, compatible with a simple recursive solution procedure, ensures the convergence of the model towards a stable equilibrium, brings realism into the analysis of international capital mobility and flexibility in tailoring to empirical data. The paper discusses two numerical examples, demonstrating the long- run convergence of the model and the dynamic adjustment to a deeper, longer crisis in Asia.


Resource Details (Export Citation) GTAP Keywords
Category: Working Paper
Status: Not published
By/In: GTAP Working Paper No. 10
Date: 2000
Version:
Created: Bacou, M. (10/20/2000)
Updated: Batta, G. (11/13/2006)
Visits: 23,286
- Dynamic modeling


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  File format GTAP Working Paper No. 10  (183.6 KB)   Replicated: 0 time(s)


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