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dc.contributor.authorKenc, Turalay*
dc.contributor.authorDibooglu, S.*
dc.date.accessioned2009-10-05T13:47:45Z
dc.date.available2009-10-05T13:47:45Z
dc.date.issued2007
dc.identifier.citationKenc, 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.en
dc.identifier.urihttp://hdl.handle.net/10454/3608
dc.descriptionNoen
dc.description.abstractConventional 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.en
dc.language.isoenen
dc.relation.isreferencedbyhttp://dx.doi.org/10.1016/j.jimonfin.2007.09.006en
dc.subjectInternational catching-upen
dc.subjectAsset pricingen
dc.subjectExchange ratesen
dc.subjectSpirit of capitalismen
dc.subjectStochastic general equilibrium modelsen
dc.titleThe spirit of capitalism, asset pricing and growth in a small open economy.en
dc.status.refereedYesen
dc.typeArticleen
dc.type.versionNo full-text available in the repositoryen


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