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Author: Nobuhiro Kiyotaki
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We study theoretically how the adjustment to liberalization of international financial transaction depends upon the degree of domestic financial development. Using a model with domestic and international borrowing constr...Read more...
Kosuke Aoki, Gianluca Benigno and Nobuhiro Kiyotaki
October 2010
After liberalizing international transactions of financial assets, many countries experience large swings in asset prices, capital flows, and aggregate production. This paper studies how the adjustment to capital account...Read more...
April 2009