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    The spirit of capitalism, asset pricing and growth in a small open economy.

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    Publication date
    2007
    Author
    Kenc, Turalay
    Dibooglu, S.
    Keyword
    International catching-up
    Asset pricing
    Exchange rates
    Spirit of capitalism
    Stochastic general equilibrium models
    Peer-Reviewed
    Yes
    
    Metadata
    Show full item record
    Abstract
    Conventional models of economic behavior have failed to account for a number of observed empirical regularities in macroeconomics and international economics. This may be due to preference specifications in conventional models. In this paper, we consider preferences with the ¿spirit of capitalism¿ (the desire to accumulate wealth as a way of acquiring status). We analyze a number of potential effects of international catching-up and the spirit of capitalism on savings, growth, portfolio allocation and asset pricing. Moreover, we obtain a multi-factor Capital Asset Pricing Model (CAPM). Our results show that status concerns have non-trivial effects on savings, growth, portfolio allocation, asset prices and the foreign exchange risk premium.
    URI
    http://hdl.handle.net/10454/3608
    Version
    No full-text available in the repository
    Citation
    Kenc, T. and Dibooglu, S. (2007). The spirit of capitalism, asset pricing and growth in a small open economy. Journal of International Money and Finance. Vol. 26, No. 8, pp. 1378-1402.
    Link to publisher’s version
    http://dx.doi.org/10.1016/j.jimonfin.2007.09.006
    Type
    Article
    Collections
    Management and Law Publications

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