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Record Nr. |
UNINA9910788222303321 |
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Autore |
Lee Jaewoo |
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Titolo |
The Valuation Channel of External Adjustment / / Jaewoo Lee, Fabio Ghironi, Alessandro Rebucci |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2009 |
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ISBN |
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1-4623-3456-3 |
1-4518-7420-0 |
1-282-84462-8 |
1-4527-6720-3 |
9786612844621 |
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Descrizione fisica |
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Collana |
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Altri autori (Persone) |
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GhironiFabio |
RebucciAlessandro |
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Soggetti |
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Valuation |
Productivity accounting |
Exports and Imports |
Financial Risk Management |
Investments: Stocks |
Macroeconomics |
Public Finance |
International Investment |
Long-term Capital Movements |
National Government Expenditures and Related Policies: General |
Macroeconomics: Consumption |
Saving |
Wealth |
Pension Funds |
Non-bank Financial Institutions |
Financial Instruments |
Institutional Investors |
International Financial Markets |
International economics |
Public finance & taxation |
Investment & securities |
Finance |
Foreign assets |
Expenditure |
Consumption |
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Stocks |
Asset valuation |
Investments, Foreign |
Expenditures, Public |
Economics |
Asset-liability management |
United States |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Bibliographic Level Mode of Issuance: Monograph |
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Nota di bibliografia |
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Includes bibliographical references. |
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Sommario/riassunto |
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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 with international trade in equity. By separating asset prices and quantities, we can characterize the first-order dynamics of valuation effects and the current account in macroeconomic dynamics. Specifically, we disentangle the roles of excess returns, capital gains, and portfolio adjustment for consumption risk sharing when financial markets are incomplete. |
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