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GTAP Resource #399

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

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
Created: Bacou, M. (10/20/2000)
Updated: Batta, G. (11/13/2006)
Visits: 34,251
- Dynamic modeling

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