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This paper presents a general approximation method for characterizing time-varying equilibrium portfolios in a two-country dynamic general equilibrium model. the method can be easily adapted to most dynamic general equilibrium models, it applies to environments in which markets are complete or incomplete, and it can be used for models of any dimension. Moreover, the approximation provides simple, easily interpretable closed form solutions for the dynamics of equilibrium portfolios.

Econometrics --- Finance: General --- Financial Risk Management --- Investments: Bonds --- Investments: Stocks --- General Financial Markets: General (includes Measurement and Data) --- International Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Computable and Other Applied General Equilibrium Models --- Investment & securities --- Finance --- Econometrics & economic statistics --- Bonds --- Asset allocation --- Securities markets --- Stocks --- General equilibrium models --- Asset-liability management --- Capital market --- Econometric models --- Macroeconomics --- Capital movements --- Economic policy --- Equilibrium (Economics) --- Mathematical models. --- Econometric models.