05667oam 22013214 450 991082851410332120200520144314.01-4623-3456-31-4518-7420-01-282-84462-81-4527-6720-39786612844621(CKB)3170000000055397(SSID)ssj0000948693(PQKBManifestationID)11521799(PQKBTitleCode)TC0000948693(PQKBWorkID)10950396(PQKB)10612529(OCoLC)680613473(IMF)WPIEE2009275(MiAaPQ)EBC1606003(IMF)WPIEA2009275(EXLCZ)99317000000005539720020129d2009 uf 0engurcn|||||||||txtccrThe Valuation Channel of External Adjustment /Jaewoo Lee, Fabio Ghironi, Alessandro Rebucci1st ed.Washington, D.C. :International Monetary Fund,2009.40 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1836-4 Includes bibliographical references.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 Shock -- C. 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.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 accountingAsset valuationimfAsset-liability managementimfConsumptionimfEconomicsimfExpenditureimfExpenditures, PublicimfExports and ImportsimfFinanceimfFinancial InstrumentsimfFinancial Risk ManagementimfForeign assetsimfInstitutional InvestorsimfInternational economicsimfInternational Financial MarketsimfInternational InvestmentimfInvestment & securitiesimfInvestments, ForeignimfInvestments: StocksimfLong-term Capital MovementsimfMacroeconomicsimfMacroeconomics: ConsumptionimfNational Government Expenditures and Related Policies: GeneralimfNon-bank Financial InstitutionsimfPension FundsimfPublic finance & taxationimfPublic FinanceimfSavingimfStocksimfWealthimfUnited StatesimfValuation.Productivity accounting.Asset valuationAsset-liability managementConsumptionEconomicsExpenditureExpenditures, PublicExports and ImportsFinanceFinancial InstrumentsFinancial Risk ManagementForeign assetsInstitutional InvestorsInternational economicsInternational Financial MarketsInternational InvestmentInvestment & securitiesInvestments, ForeignInvestments: StocksLong-term Capital MovementsMacroeconomicsMacroeconomics: ConsumptionNational Government Expenditures and Related Policies: GeneralNon-bank Financial InstitutionsPension FundsPublic finance & taxationPublic FinanceSavingStocksWealth658.29346Lee Jaewoo1679787Ghironi Fabio1704942Rebucci Alessandro553516International Monetary Fund.DcWaIMFBOOK9910828514103321The Valuation Channel of External Adjustment4241437UNINA