Chapter 13

Endogenous Portfolios in International Macro Models

M.B. Devereux* and A. Sutherland

*University of British Columbia, Vancouver, BC, Canada

University of St Andrews, Fife, UK


Financial globalization has resulted in large cross-border gross asset positions which have important implications for macroeconomic interactions between countries. Choices about portfolio allocation reflect patterns of shocks and the hedging properties ...

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