Arbeitspapier

Relative price levels and current accounts: An exploration

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This paper studies the links between current accounts and relative price levels, finding that current account changes are associated with sizable future relative price levels effects. This is done in panel regressions of the Penn effect, adding a lagged current account/GDP and other explanatory variables. Higher GDP/capita and a greater export share of manufacturing tend to mitigate the real exchange rate impact of lagged current accounts. Active management of current accounts may provide a powerful adjustment channel, mitigating the real exchange rate effects of volatile terms of trade, and may explain the growing proliferation of Sovereign Wealth Funds.

Language: Englisch

Bibliographic citation: Series: Working Paper ; No. 08-15

Classification: Wirtschaft
Economic Integration
International Investment; Long-term Capital Movements
Current Account Adjustment; Short-term Capital Movements

Subject: current account
relative price levels
real exchange rate
Sovereign Wealth Funds
Leistungsbilanz
Preisniveau
Kaufkraftparität
Zahlungsbilanzmechanismus
Theorie

Event: Geistige Schöpfung

(who): Aizenman, Joshua

Event: Veröffentlichung

(who): University of California, Santa Cruz Institute for International Economics (SCIIE)

(where): Santa Cruz, CA

(when): 2008

Handle: http://hdl.handle.net/10419/64033

Last update: 10.03.2025, 11:44 AM CET

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Object type

Arbeitspapier

Associated

Aizenman, Joshua
University of California, Santa Cruz Institute for International Economics (SCIIE)

Time of origin

2008

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