International Portfolios, Current Account Dynamics and Capital Accumulation
构建模型分析国际投资组合与经常账户动态，发现股权价格变动导致的资本损益是净外国资产变化的主要驱动因素，并比较完全与不完全金融市场的影响。
abstract from capital, equity home bias is not sensitive to preference parameters. In the model, NFA changes are largely driven by capital gains/losses due to movements in equity prices. The model thus matches the high volatility and low serial correlation of NFA changes. We compare settings with complete and incomplete financial markets. Imperfect hedging is required to generate a realistic conventional current account measure that solely reflects aggregate net flows of assets between countries.