International Debt and the Price of Domestic Assets

International Debt and the Price of Domestic Assets
This paper examines the behavior of indebtedness, consumption, and asset prices in a small open economy in which the foreign real interest rate depends not only on an exogenous world interest rate and on indebtedness, but also on the value of the capital stock, viewed as an implicit "collateral," and hence on the price of capital. The paper... READ MORE...

Publication date: October 2000
ISBN 9781451858860
$15.00

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