On the Internationalization of Portfolios

William C. Brainard () and James Tobin
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William C. Brainard: Cowles Foundation, Yale University, http://cowles.econ.yale.edu/faculty/brainard.htm

No 991, Cowles Foundation Discussion Papers from Cowles Foundation, Yale University

Abstract: Portfolio theory has been an important component of open economy macroeconomic models. In those models, it is essential to distinguish among several categories of assets, both foreign and domestic, and to specify the demands and supplies. This framework has become increasingly relevant. Movements of capital across regional and national boundaries, and across currencies, have exploded in volume, thanks to the dismantling of currency and exchange controls and other financial regulations and to revolutionary economies in technologies of communication and transactions. The globalization of financial markets was stimulated by the floating exchange rate regime established in 1973.

Keywords: Portfolio choice; open economy; capital mobility; exchange rate (search for similar items in EconPapers)
JEL-codes: G11 F41 F21 F31 (search for similar items in EconPapers)
Date: 1991-10
Note: CFP 840.
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Published in Oxford Economic Papers (1992), 44: 533-565

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Journal Article: On the Internationalization of Portfolios (1992)
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