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RDP 2009-08: Leverage Constraints and the International Transmission of Shocks
Equation (2)
C
t
I
+
q
1
t
k
1
t
I
+
q
2
t
k
2
t
I
=
W
t
I
+
(
q
1
t
+
R
1
K
t
)
k
1
t
−
1
I
+
(
q
2
t
+
R
2
K
t
)
k
2
t
−
1
I
+
B
t
I
−
R
t
−
1
B
t
−
1
I
,
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