The Valuation Channel of External Adjustment.

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...

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Bibliographic Details
Main Author: Lee, Jaewoo
Other Authors: Ghironi, Fabio, Rebucci, Alessandro
Format: eBook
Language:English
Published: Washington : International Monetary Fund, 2009.
Series:IMF Working Papers.
Subjects:
Online Access:Click for online access

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100 1 |a Lee, Jaewoo. 
245 1 4 |a The Valuation Channel of External Adjustment. 
260 |a Washington :  |b International Monetary Fund,  |c 2009. 
300 |a 1 online resource (70 pages) 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF Working Papers ;  |v v. Working Paper No. 09/275 
588 0 |a Print version record. 
505 0 |a 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. 
505 8 |a 3. Valuation, the Current Account, and Risk Sharing, Productivity ShockC. 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. 
520 |a 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 consum. 
650 0 |a Valuation. 
650 0 |a Productivity accounting. 
650 0 |a Evaluation. 
650 7 |a appraisals (financial records)  |2 aat 
650 7 |a Evaluation  |2 fast 
650 7 |a Productivity accounting  |2 fast 
650 7 |a Valuation  |2 fast 
700 1 |a Ghironi, Fabio. 
700 1 |a Rebucci, Alessandro. 
758 |i has work:  |a The valuation channel of external adjustment (Text)  |1 https://id.oclc.org/worldcat/entity/E39PCG3cqhJxfk8vgmVFVc7DYP  |4 https://id.oclc.org/worldcat/ontology/hasWork 
776 0 8 |i Print version:  |a Lee, Jaewoo.  |t Valuation Channel of External Adjustment.  |d Washington : International Monetary Fund, ©2009  |z 9781451874204 
830 0 |a IMF Working Papers. 
856 4 0 |u https://ebookcentral.proquest.com/lib/holycrosscollege-ebooks/detail.action?docID=1606003  |y Click for online access 
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