Stochastic optimal control, international finance and debt

We use stochastic optimal control-dynamic programming (DP) to derive the optimal debt/net worth, consumption/net worth, current account/net worth, and endogenous growth rate in an economy – which could be a country, region or sector within a country. Unlike the literature that uses an intertemporal...

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Veröffentlicht in:	Journal of banking & finance 2004-05, Vol.28 (5), p.979-996
Hauptverfasser:	Fleming, Wendell H, Stein, Jerome L
Format:	Artikel
Sprache:	eng
Schlagworte:	Banking Current account Current accounts Debt Economic shock Equity Finance International finance Stochastic control theory Stochastic models Stochastic optimal control Stochastic processes Studies Sustainable current account deficits Vulnerability to external shocks
Online-Zugang:	Volltext
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