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Capital markets liberalization and global imbalances

Author

Listed:
  • Vincenzo Quadrini

    (USC, CEPR and NBER)

Abstract

This paper studies the consequences of capital markets liberalization for global imbalances (non-zero foreign asset positions) when countries are heterogeneous in the degree of financial market development. Countries characterized by more advanced financial markets tend to accumulate large foreign liabilities while countries with less developed markets tend to accumulate positive foreign asset positions. The paper also shows that the formation of global imbalances takes a long period of time and their long-term values could reach very high levels as a percentage of domestic production.

Suggested Citation

  • Vincenzo Quadrini, 2006. "Capital markets liberalization and global imbalances," 2006 Meeting Papers 297, Society for Economic Dynamics.
    • Handle: RePEc:red:sed006:297
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    File URL: http://www-rcf.usc.edu/~quadrini/papers/CApaper.pdf
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    More about this item

    Keywords

    Incomplete markets; international mobility of capital;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • F3 - International Economics - - International Finance

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