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| Tekijä: | Puri, T. |
| Otsikko: | Capital flows and net international investment |
| Lehti: | International Review of Financial Analysis
1996 : VOL. 5:2, p. 113-130 |
| Asiasana: | FINANCIAL ANALYSIS CAPITAL INVESTMENT |
| Kieli: | eng |
| Tiivistelmä: | This paper analyzes the effect of stochastic terms of trade and commodity preferences on international capital flows and the net asset position of a country. Investors hold foreign assets if excess return from foreign bonds is positive. The demand for foreign assets to hedge against the unanticipated changes in terms of trade is an increasing function of expenditure on imports, if the product of relative risk tolerance and consumption expenditure elasticity of imports is less than the price elasticity of imports. |
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