INTERREGIONAL ARBITRAGE AND THE SUPPLY OF LOANABLE FUNDS: A MODEL OF INTERMEDIATE FINANCIAL CAPITAL MOBILITY*
构建了一个区域金融市场模型，分析不同金融一体化程度下的系统行为，指出区域实体与金融部门之间存在短期和长期联系，这些联系常被区域经济模型忽视。
ABSTRACT This paper develops a model of regional financial markets which can encompass different degrees of spatial financial integration. The behavior of the system is analyzed under alternative assumptions about the time frame of analysis and the extent of the flexibility of interest rates. It is argued that links may exist between regional real and financial sectors even in the short run and that such links must, through the regional balance of payments, exist in the long run, even where there is perfect financial spatial integration. It is observed that these relationships have generally been ignored by regional economic model builders.