Global imbalances in a world of inflexible real exchange rates and capital controls

Arbeitspapier

This paper addresses the issue of international payments in a stock-flow framework, by capturing the interaction between the current account balance and international assets portfolios of domestic and foreign investors. It is argued that the stability of such interaction may be affected by shifts in the preferences of investors, by the relative rate of return of different assets, and - more in general - by institutional settings. The model is then used for policy analysis purposes to derive the conditions for the existence of dynamic equilibria, and if they can be attained, under the assumption of market-distorting policy choices.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ADBI Working Paper ; No. 330

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Trade Policy; International Trade Organizations ; Current Account Adjustment; Short-term Capital Movements ; International Lending and Debt Problems
• Thema: Zahlungsbilanzgleichgewicht ; Portfolio-Management ; Kaufkraftparität ; Fester Wechselkurs ; Kapitalverkehrspolitik ; Kapitalertrag ; Volatilität ; Zwei-Länder-Modell ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Hallett, Andrew Hughes ; Martinez Oliva, Juan Carlos
• Ereignis: Veröffentlichung
• (wer): Asian Development Bank Institute (ADBI)
• (wo): Tokyo
• (wann): 2011

Weitere Informationen

• Handle: http://hdl.handle.net/10419/53737
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ