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Capital-Market Imperfections and the Macroeconomic Dynamics of Small Indebted Economies
Pierre-Richard Agénor Princeton Studies in International Economics from International Economics Section, Departement of Economics Princeton University,
The present study departs from the conventional approach to world capital-market imperfections by relying on the notion of individual risk, rather than country risk. This difference of emphasis has important implications for the specification of intertemporal optimizing models of small indebted economies. In particular, deviations from uncovered interest parity emerge naturally in the present approach.
Keywords: EXTERNAL FINANCING; DEBT; MACROECONOMICS; FINANCIAL MARKET (search for similar items in EconPapers)
JEL-codes: F34 F41 G15 (search for similar items in EconPapers)
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Persistent link: http://EconPapers.repec.org/RePEc:fth:prinfi:82
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Address: International Finance Section, Department of Economics Princeton University, Princeton, New Jersey, U.S.A Contact information at EDIRC. Series data maintained by Thomas Krichel ().