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The Valuation Channel of External Adjustment.
International financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. The Model; A. Households and Governments; B. Firms; C. Some Useful Properties; D. The Steady-State Portfolio and the Role of Labor Supply Elasticity; III. The Anatomy of Portfolio Adjustment and Valuation; A. First-Order Portfolio Adjustment and Valuation; B. Valuation, Portfolio Adjustment, and Macroconomic Dynamics; IV. The Valuation Channel at Work; A. Calibration; B.A Productivity Shock; 1. Impulse Responses, Productivity Shock; 2. Comparison of Valuation Measures, Productivity Shock.
- 3. Valuation, the Current Account, and Risk Sharing, Productivity ShockC. A Government Spending Shock; 4. Impulse Responses, Government Spending Shock; 5. Valuation, the Current Account, and Risk Sharing, Government Spending Shock; V. Conclusion; References; Footnotes.