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035   $a(SSID)ssj0000948693
035   $a(PQKBManifestationID)11521799
035   $a(PQKBTitleCode)TC0000948693
035   $a(PQKBWorkID)10950396
035   $a(PQKB)10612529
035   $a(OCoLC)680613473
035   $a(MiAaPQ)EBC1606003
035   $a(IMF)WPIEE2009275
035   $a(EXLCZ)993170000000055397
100   $a20020129d2009      uf             0
101 0 $aeng
135   $aurcn|||||||||
181   $ctxt
182   $cc
183   $acr
200 14$aThe Valuation Channel of External Adjustment /$fJaewoo Lee, Fabio Ghironi, Alessandro Rebucci
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a40 p. $cill
225 1 $aIMF Working Papers
300   $aBibliographic Level Mode of Issuance: Monograph
311   $a1-4519-1836-4 
320   $aIncludes bibliographical references.
330 3 $aInternational financial integration has greatly increased the scope for changes in a country's net foreign asset position through the valuation channel, namely capital gains and losses on external assets and liabilities. We examine this valuation channel in a dynamic equilibrium portfolio model with international trade in equity. By separating asset prices and quantities, we can characterize the first-order dynamics of valuation effects and the current account in macroeconomic dynamics. Specifically, we disentangle the roles of excess returns, capital gains, and portfolio adjustment for consumption risk sharing when financial markets are incomplete.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/275
606   $aValuation
606   $aProductivity accounting
606   $aExports and Imports$2imf
606   $aFinancial Risk Management$2imf
606   $aInvestments: Stocks$2imf
606   $aMacroeconomics$2imf
606   $aPublic Finance$2imf
606   $aInternational Investment$2imf
606   $aLong-term Capital Movements$2imf
606   $aNational Government Expenditures and Related Policies: General$2imf
606   $aMacroeconomics: Consumption$2imf
606   $aSaving$2imf
606   $aWealth$2imf
606   $aPension Funds$2imf
606   $aNon-bank Financial Institutions$2imf
606   $aFinancial Instruments$2imf
606   $aInstitutional Investors$2imf
606   $aInternational Financial Markets$2imf
606   $aInternational economics$2imf
606   $aPublic finance & taxation$2imf
606   $aInvestment & securities$2imf
606   $aFinance$2imf
606   $aForeign assets$2imf
606   $aExpenditure$2imf
606   $aConsumption$2imf
606   $aStocks$2imf
606   $aAsset valuation$2imf
606   $aInvestments, Foreign$2imf
606   $aExpenditures, Public$2imf
606   $aEconomics$2imf
606   $aAsset-liability management$2imf
607   $aUnited States$2imf
615  0$aValuation.
615  0$aProductivity accounting.
615  7$aExports and Imports
615  7$aFinancial Risk Management
615  7$aInvestments: Stocks
615  7$aMacroeconomics
615  7$aPublic Finance
615  7$aInternational Investment
615  7$aLong-term Capital Movements
615  7$aNational Government Expenditures and Related Policies: General
615  7$aMacroeconomics: Consumption
615  7$aSaving
615  7$aWealth
615  7$aPension Funds
615  7$aNon-bank Financial Institutions
615  7$aFinancial Instruments
615  7$aInstitutional Investors
615  7$aInternational Financial Markets
615  7$aInternational economics
615  7$aPublic finance & taxation
615  7$aInvestment & securities
615  7$aFinance
615  7$aForeign assets
615  7$aExpenditure
615  7$aConsumption
615  7$aStocks
615  7$aAsset valuation
615  7$aInvestments, Foreign
615  7$aExpenditures, Public
615  7$aEconomics
615  7$aAsset-liability management
700   $aLee$b Jaewoo$01509561
701   $aGhironi$b Fabio$01509565
701   $aRebucci$b Alessandro$0553516
712 02$aInternational Monetary Fund.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788222303321
996   $aThe Valuation Channel of External Adjustment$93741527
997   $aUNINA