摘要：This paper documents the foreign asset ownership and investment theory of thedynamic GTAP model (GTAP-Dyn). The new investment theory o.ers a dise-quilibrium approach to modeling endogenously international capital mobility. Itpermits a recursive solution pro cedure, a feature that allows easy implementationof dynamics into any static AGE model without imposing limitations on the model'ssize. The method involves treating time as a variable, not as an index. Having timeas a variable allows the construction of dynamic GTAP with minimum mo dificationto the existing structure of GTAP, by separating the theory of static GTAP fromthe length of run.
关键词：Dynamics; asset ownership; international capital mobility; investment;adaptive expectations
