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Open-Economy Macroeconomics And Economic Stability: A Portfolio Theory Approach

Author

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  • Roseli da Silva

    (Universidade Presbiteriana Mackenzie (UPM))

Abstract

The main purpose of this article is to analyze the theoretical developments ofan open economy in the short run in light of portfolio theory, putting histori-cal events in parallel. The theoretical arguments to instrument-target problemin economic policy are reaffirmed as depending on choices between exchan-ge rate and monetary regimes. The model constructed to evaluate those issueshas the following advantage: its economic policy first order impacts are inde-pendent of the hypothesis on the capital mobility levels, as soon as the gene-ralequilibriumapproach ofthe portfoliotheoryimplies gross substitutionconditions between domestic and external financial assets.

Suggested Citation

  • Roseli da Silva, 2004. "Open-Economy Macroeconomics And Economic Stability: A Portfolio Theory Approach," Revista de Economia Mackenzie (REM), Mackenzie Presbyterian University, Social and Applied Sciences Center, vol. 2(2), pages 97-124, january-d.
  • Handle: RePEc:aft:journl:v:2:2:2004:jan:dec:p:97-124
    DOI: -
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