RDP 9506: The Liberalisation and Integration of Domestic Financial Markets in Western Pacific Economies
Equation (4)
ℓ
=
(
l
n
,
t
p
t
−
q
t
−
c
)
L
t
−
e
n
,
t
E
t
−
m
n
,
t
M
t
−
(
d
n
,
t
(
D
t
)
+
r
+
z
)
D
t
+
λ
[
L
t
−
E
t
−
M
t
−
(
1
−
r
)
D
t
]
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