A model for an economy's target value of assets
New research from the Centre for Economic Policy Research (CEPR) looks at the upstream flows of capital from developing countries to advanced countries and the long-run impact of global financial imbalances.
The analysis models the motives for residents of a country to hold foreign assets, including the precautionary motive that has been omitted from much previous literature. The research finds that an economy's target value of assets is the level of assets that balances impatience, prudence
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