Bubbles and capital flows

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• dc.contributor.author Ventura, Jaumeca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T12:08:03Z
• dc.date.available 2017-07-26T12:08:03Z
• dc.date.issued 2002-10-01
• dc.date.modified 2017-07-23T02:09:24Z
• dc.description.abstract This paper presents a stylized model of international trade and asset price bubbles. Its central insight is that bubbles tend to appear and expand in countries where productivity is low relative to the rest of the world. These bubbles absorb local savings, eliminating inefficient investments and liberating resources that are in part used to invest in high productivity countries. Through this channel, bubbles act as a substitute for international capital flows, improving the international allocation of investment and reducing rate-of-return differentials across countries. This view of asset price bubbles could eventually provide a simple account of some real world phenomenae that have been difficult to model before, such as the recurrence and depth of financial crises or their puzzling tendency to propagate across countries.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=846
• dc.identifier.citation Journal of Economic Theory, 147 (2), 738-758, 2012
• dc.identifier.uri http://hdl.handle.net/10230/348
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 846
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword asset price bubbles
• dc.subject.keyword international capital flows
• dc.subject.keyword Macroeconomics and International Economics
• dc.title Bubbles and capital flowsca
• dc.type info:eu-repo/semantics/workingPaper