RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (11)
C
t
S
+
q
1
t
k
1
t
S
=
W
t
S
+
q
1
t
k
1
t
−
1
S
+
G
(
k
1
t
−
1
S
)
+
B
t
S
−
R
t
−
1
B
t
−
1
S
.
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