International Financial Adjustment

We explore the implications of a country’s external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data se...

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Veröffentlicht in:	The Journal of political economy 2007-08, Vol.115 (4), p.665-703
Hauptverfasser:	Gourinchas, Pierre‐Olivier, Rey, Hélène
Format:	Artikel
Sprache:	eng
Schlagworte:	Balance of payments Balance of trade Depreciation Determinism Economic fluctuations Economic theory Exchange rates Foreign assets Foreign exchange Foreign exchange rates Imports International monetary economics Mathematical models Monetary reserves Net exports Political economy Portfolio performance Predictability Statistical analysis Studies Trade flows U.S.A Wealth
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