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International Lending and Borrowing in a Stochastic Sequence Equilibrium / Richard H. Clarida.

By: Contributor(s): Material type: TextTextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w1944.Publication details: Cambridge, Mass. National Bureau of Economic Research 1986.Description: 1 online resource: illustrations (black and white)Subject(s): Online resources: Available additional physical forms:
  • Hardcopy version available to institutional subscribers
Abstract: This paper is a theoretical investigation of international lending andAbstract: borrowing in the context of a general equilibrium model in which nationalAbstract: productivities are subject to random fluctuations and rates of timeAbstract: preference differ among countries. International capital flows arise fromAbstract: the efforts of risk-averse households situated in different countries toAbstract: self-insure against random productivity fluctuations. We establish theAbstract: existence of a rational expectations equilibrium in which the worldAbstract: interest rate is constant and strictly less than the rate of timeAbstract: preference of the least impatient countries. The rate of time preference,Abstract: solvency restrictions on borrowing, and balanced-budget fiscal policies areAbstract: rigorously analyzed.
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June 1986.

This paper is a theoretical investigation of international lending and

borrowing in the context of a general equilibrium model in which national

productivities are subject to random fluctuations and rates of time

preference differ among countries. International capital flows arise from

the efforts of risk-averse households situated in different countries to

self-insure against random productivity fluctuations. We establish the

existence of a rational expectations equilibrium in which the world

interest rate is constant and strictly less than the rate of time

preference of the least impatient countries. The rate of time preference,

solvency restrictions on borrowing, and balanced-budget fiscal policies are

rigorously analyzed.

Hardcopy version available to institutional subscribers

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