RDP 8610: Equilibrium Exchange Rates and a Popular Model of International Asset Demands: An Inconsistency Equation (5b)

\begin{array}{l} 0 = J^{'} (μ_{j} - μ_{1}) + w J ″[(σ_{j 1} - σ_{1}^{2}) + Σ_{i} a_{i} (σ_{j i} - σ_{j 1} - σ_{1 i} + σ_{1}^{2}) & j = 2, \dots, S \end{array}