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Costs and Benefits of Incorporating Asset Markets into CGE Models: Evidence and Design Issues

Author

Listed:
  • Adam, C.S.
  • Bevan, D.L.

Abstract

This paper discusses how a consistent treatment of asset markets may be integrated into standard trade-focussed CGE models. Starting from a core specification of the real economy, calibrated to data for Zambia in the mid-1990s, the paper examines the properties of a hierarchy of models which differ only in the specification of asset markets but subject to a common (negative) temporary fiscal shock.

Suggested Citation

  • Adam, C.S. & Bevan, D.L., 1998. "Costs and Benefits of Incorporating Asset Markets into CGE Models: Evidence and Design Issues," Economics Series Working Papers 99202, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:99202
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    Citations

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    Cited by:

    1. Makrelov, Konstantin & Arndt, Channing & Davies, Rob & Harris, Laurence, 2020. "Balance sheet changes and the impact of financial sector risk-taking on fiscal multipliers," Economic Modelling, Elsevier, vol. 87(C), pages 322-343.
    2. Marko Nokkala, 2001. "Simulating the Effects of Debt Relief in Zambia," WIDER Working Paper Series DP2001-118, World Institute for Development Economic Research (UNU-WIDER).
    3. Dario DEBOWICZ, 2010. "Real Financial Models in Argentina," EcoMod2010 259600044, EcoMod.
    4. Dixon, P.B. & Giesecke, J.A. & Rimmer, M.T. & Rose, A., 2009. "The Economic Consequences of U.S. Border Closure in Response to a Security Threat: A Dynamic CGE Assessment," Conference papers 331893, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    5. Konstantin Makrelov & Rob Davies & Laurence Harris, 2021. "The impact of capital flow reversal shocks in South Africa: a stock- and-flow-consistent analysis," International Review of Applied Economics, Taylor & Francis Journals, vol. 35(3-4), pages 475-501, July.
    6. AGENOR Pierre-Richard & IZQUIERDO Alejandro & FOFACK Hippolyte, 2010. "IMMPA: A Quantitative Macroeconomic Framework for the Analysis of Poverty Reduction Strategies," EcoMod2003 330700003, EcoMod.
    7. Marko Nokkala, 2001. "Sector Investments as part of National Fiscal Policy: Experience from ASIP in Zambia," WIDER Working Paper Series DP2001-117, World Institute for Development Economic Research (UNU-WIDER).
    8. Agenor, Pierre-Richard & Izquierdo, Alejandro & Fofack, Hippolyte, 2003. "The integrated macroeconomic model for poverty analysis : a quantitative macroeconomic framework for the analysis of poverty reduction strategies," Policy Research Working Paper Series 3092, The World Bank.
    9. Frederik J.C. Beyers & Allan De Freitas & Kojo A. Essel‐Mensah & Reyno Seymore & Dimitrios P. Tsomocos, 2022. "A computable general equilibrium model as a banking sector regulatory tool in South Africa," South African Journal of Economics, Economic Society of South Africa, vol. 90(1), pages 93-120, March.

    More about this item

    Keywords

    GENERAL EQUILIBRIUM ; FINANCIAL MARKET ; ECONOMIC MODELS;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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