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| Author: | Devereux, M. Saito, M. |
| Title: | Growth and risk-sharing with incomplete international assets markets |
| Journal: | Journal of International Economics
1997 : MAY, VOL. 42:3/4, p. 453-481 |
| Index terms: | ECONOMICS GROWTH RISK SHARING |
| Language: | eng |
| Abstract: | This paper develops a general equilibrium model of limited international asset trade in a two-country setting. In the model, only non-contingent claims can be traded in international assets markets. The paper has three main results. First, it establishes a simple and intuitive condition for the existence of a non-degenerate stationary distribution of world wealth. Second, the paper compares welfare across regimes. Third, the paper shows that in an environment of incomplete markets, capital controls may increase world growth. |
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