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Patterns of Capital Trade under Uncertainty

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Alternative Title
不確實性下에서의 國際資本移動類型
Abstract
국제자본이동에 있어서 불확실성 혹은 위험의 문제는 실제적으로 매우 중요한 문제이나 이것이 이론적 모형에 도입되기 시작한 것은 오래지 않다.

본 논문에서는 생산함수에 기술적 불확실성을 도입할 경우, 국가간의 자본이동이 위험기피성향이 있는 개인들의 자산 선호에 의해 어느 정도 결정됨을 보인다.

국가간의 자본이동이 자본의 한계 생산력에 의해 결정된다고 보는 MacDougal모형에 불확실성 또는 위험을 도입한 경우, 상대적인 요소부존도, 상대적인 노동력의 크기 및 상대적인 생산에서의 위험도가 국가간의 자본이동의 방향에 분리가능하면서도 상호연관된 영향을 미치는 것으로 나타난다.
When country-specific technological uncertainty is introduced to production function, the international allocation of capital is influenced by the asset preferences of risk-averse consumer-investor. In this paper, we analysed the determinants of the direction of international capital movements in a model of trade in goods and real equities under the assumption that preferences over goods and real equities are identical and homethetic.

In a one-good variant of MacDougal model, it is found that physical capital flows in an uncertain world are subject to relative factor abundance, relative country riskiness. These determinants have separable but interrelated influences on the direction of equilibrium capital movement.
When country-specific technological uncertainty is introduced to production function, the international allocation of capital is influenced by the asset preferences of risk-averse consumer-investor. In this paper, we analysed the determinants of the direction of international capital movements in a model of trade in goods and real equities under the assumption that preferences over goods and real equities are identical and homethetic.

In a one-good variant of MacDougal model, it is found that physical capital flows in an uncertain world are subject to relative factor abundance, relative country riskiness. These determinants have separable but interrelated influences on the direction of equilibrium capital movement.
Author(s)
Lee,Jae-Ki
Issued Date
1985
Type
Research Laboratory
URI
https://oak.ulsan.ac.kr/handle/2021.oak/5052
http://ulsan.dcollection.net/jsp/common/DcLoOrgPer.jsp?sItemId=000002025493
Alternative Author(s)
李在基
Publisher
연구논문집
Language
eng
Rights
울산대학교 저작물은 저작권에 의해 보호받습니다.
Citation Volume
16
Citation Number
2
Citation Start Page
377
Citation End Page
386
Appears in Collections:
Research Laboratory > University of Ulsan Report
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