Minimum Investment Requirement, Financial Integration and Economic (In)stability: A Refinement to Matsuyama (2004)
This note proposes a simple, more precise, necessary condition for symmetry breaking in Matsuyama (Financial Market Globalization, Symmetry-Breaking, and Endogenous Inequality of Nations, Econometrica, 2004 ), i.e., the positive interest rate response to income changes, which essentially arises from...
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2013
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| Online Access: | https://ink.library.smu.edu.sg/soe_research/1519 https://ink.library.smu.edu.sg/context/soe_research/article/2518/viewcontent/09_2013.pdf |
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| Institution: | Singapore Management University |
| Language: | English |