| Publisher | University of Warwick | ||
|---|---|---|---|
| Format | 215.3KB PDF | Date added | 01 Oct 2004 |
| Topics | Financial Management | ||
| Downloads | 4 | ||
Promises of a 'New Economy' in the US attracted substantial equity inflows in the late 1990s - more than enough to finance the current account US deficit. Since their peak in 2002, however, US stocks have fallen in value by some 8 trillion dollars. To assess welfare effects of global financial markets in this context, this paper uses an analytically tractable (two-country, two-period, two-state) model of the global economy, which allows the country experiencing the New Economy "shock" to consume more against expected future output and to spread risk by selling shares.
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