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Capital Overshooting

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Econ 163 PO presentation

Economy & FinanceTechnology
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Overshooting of Capital Inflows in Emerging Economies Alisher Saydalikhodjayev 21 April 2008
Inspiration ,[object Object],[object Object],[object Object],[object Object],[object Object]
Data (Bacchetta and van Wincoop, 1998) ,[object Object],[object Object]
More Data ,[object Object],[object Object],* Relative to the long run steady state developed in Bacchetta and van Wincoop, 1998
Existing Frameworks ,[object Object],[object Object]
Foreign Capital Inflows ,[object Object],[object Object],Key equations: where f( Ο„ t ) is decreasing in Ο„ t Accumulation of capital stock is a function of tax rate on foreign investors, and differences in the mean and variance of the return on investment in emerging and developed countries. Inflows change instantaneously in response to β€œliberalization” (basically, a reduction in the tax rate on foreigners), but adjust with time
Dynamics of overshooting
Domestic Asset Price Bubbles ,[object Object],[object Object],[object Object],[object Object],[object Object]
What about volatility of borrowing compared to volatility of capital stock? ,[object Object],[object Object],[object Object]
Basic Setup Expected utility is just an integral of utility multiplied by its probability density function Maximize: s.t. Similar to what we’ve done in class (12 Feb 2008) Problem: solving the equation for first-period consumption is not easy where
Hopes ,[object Object],[object Object],[object Object],[object Object],[object Object]
Critique, Help or Random Comments?

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Capital Overshooting

  • 1. Overshooting of Capital Inflows in Emerging Economies Alisher Saydalikhodjayev 21 April 2008
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  • 8.
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  • 10. Basic Setup Expected utility is just an integral of utility multiplied by its probability density function Maximize: s.t. Similar to what we’ve done in class (12 Feb 2008) Problem: solving the equation for first-period consumption is not easy where
  • 11.
  • 12. Critique, Help or Random Comments?