04685oam 22012734 450 991078822230332120230721045658.01-4623-3456-31-4518-7420-01-282-84462-81-4527-6720-39786612844621(CKB)3170000000055397(SSID)ssj0000948693(PQKBManifestationID)11521799(PQKBTitleCode)TC0000948693(PQKBWorkID)10950396(PQKB)10612529(OCoLC)680613473(MiAaPQ)EBC1606003(IMF)WPIEE2009275(EXLCZ)99317000000005539720020129d2009 uf 0engurcn|||||||||txtccrThe Valuation Channel of External Adjustment /Jaewoo Lee, Fabio Ghironi, Alessandro RebucciWashington, D.C. :International Monetary Fund,2009.40 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1836-4 Includes bibliographical references.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.IMF Working Papers; Working Paper ;No. 2009/275ValuationProductivity accountingExports and ImportsimfFinancial Risk ManagementimfInvestments: StocksimfMacroeconomicsimfPublic FinanceimfInternational InvestmentimfLong-term Capital MovementsimfNational Government Expenditures and Related Policies: GeneralimfMacroeconomics: ConsumptionimfSavingimfWealthimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfInternational Financial MarketsimfInternational economicsimfPublic finance & taxationimfInvestment & securitiesimfFinanceimfForeign assetsimfExpenditureimfConsumptionimfStocksimfAsset valuationimfInvestments, ForeignimfExpenditures, PublicimfEconomicsimfAsset-liability managementimfUnited StatesimfValuation.Productivity accounting.Exports and ImportsFinancial Risk ManagementInvestments: StocksMacroeconomicsPublic FinanceInternational InvestmentLong-term Capital MovementsNational Government Expenditures and Related Policies: GeneralMacroeconomics: ConsumptionSavingWealthPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsInternational Financial MarketsInternational economicsPublic finance & taxationInvestment & securitiesFinanceForeign assetsExpenditureConsumptionStocksAsset valuationInvestments, ForeignExpenditures, PublicEconomicsAsset-liability managementLee Jaewoo1509561Ghironi Fabio1509565Rebucci Alessandro553516International Monetary Fund.DcWaIMFBOOK9910788222303321The Valuation Channel of External Adjustment3741527UNINA