LEADER 05633oam 22013094 450 001 9910828514103321 005 20240402044845.0 010 $a1-4623-3456-3 010 $a1-4518-7420-0 010 $a1-282-84462-8 010 $a1-4527-6720-3 010 $a9786612844621 035 $a(CKB)3170000000055397 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(IMF)WPIEE2009275 035 $a(MiAaPQ)EBC1606003 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 205 $a1st ed. 210 1$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. 327 $aCover 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. 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 676 $a658.29346 700 $aLee$b Jaewoo$01679787 701 $aGhironi$b Fabio$01704942 701 $aRebucci$b Alessandro$0553516 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828514103321 996 $aThe Valuation Channel of External Adjustment$94091268 997 $aUNINA