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035   $a(OCoLC)694141217
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100   $a20060622d2006      uf         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aU.S. dollar risk premiums and capital flows /$fprepared by Ravi Balakrishnan and Volodymyr Tulin
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund, Research Dept.$dc2006
215   $a1 online resource (29 p.)
225 1 $aIMF working paper ;$vWP/06/160
300   $a"June 2006."
311   $a1-4518-6420-5 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION AND SUMMARY""; ""II. WHAT ARE RISK PREMIUMS ON THE DOLLAR AND HOW CAN WE MEASURE THEM? ""; ""III. CAPITAL FLOWS AND RISK PREMIUMS""; ""IV. EXPLAINING RISK PREMIUM MOVEMENTS""; ""V. CONCLUSIONS AND POLICY IMPLICATIONS""; ""DATA AND REGRESSION METHODOLOGY""; ""References""
330 3 $aThis paper sheds light on the attractiveness of U.S. assets by studying dollar risk premiums, calculated using Consensus exchange rate forecasts, and linking them to bilateral capital flows. The paper finds that the presence of negative dollar risk premiums (i.e. expectations of a dollar depreciation net of interest rate effects) amid record capital inflows could suggest that investors may favor U.S. assets for structural reasons. One possible explanation could be that the Asian crisis created a large pool of savings searching for relatively riskless investment opportunities, which were provided by deep, liquid, and innovative U.S. financial markets with robust investor protection. Moreover, the continued attractiveness of U.S. financial markets to European investors suggests that they offer a large array of assets, with different risk/return characteristics, that facilitate the structuring of diversified investment portfolios. Looking forward, this suggests that the allocative efficiency of U.S. financial markets could mitigate risks of a disorderly unwinding of global current account imbalances.
410  0$aIMF working paper ;$vWP/06/160.
606   $aDollar, American
606   $aCapital movements
615  0$aDollar, American.
615  0$aCapital movements.
700   $aBalakrishnan$b Ravi$01614215
701   $aTulin$b Volodymyr$01631994
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910819872503321
996   $aU.S. Dollar Risk Premiums and Capital Flows$93970890
997   $aUNINA