Financial liberalization, low world interest rates and global imbalances: a note with a simple two-country model

Roberto Duncan

Applied Economics Letters, 2014, vol. 21, issue 14, 1025-1029

Abstract: We can understand the role of the liberalization of capital outflows on the global imbalances, the increasing share of US equities in foreign investors' portfolio and the decline in the world interest rate and the S&P dividend-price ratio, facts observed during the last three decades, when taxes on international asset holdings are reduced in a simple two-country model with costs of portfolio adjustment.

Date: 2014
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DOI: 10.1080/13504851.2014.907467

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