Asset Market and Balance of Payments Characteristics

Asset Market and Balance of Payments Characteristics
Author :
Publisher : International Monetary Fund
Total Pages : 38
Release :
ISBN-10 : 9781451847581
ISBN-13 : 1451847580
Rating : 4/5 (81 Downloads)

Book Synopsis Asset Market and Balance of Payments Characteristics by : Mr.Ronald MacDonald

Download or read book Asset Market and Balance of Payments Characteristics written by Mr.Ronald MacDonald and published by International Monetary Fund. This book was released on 1995-06-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we use an exchange rate model that combines asset market characteristics with balance of payments interactions to examine the nominal effective exchange rates of the German mark, Japanese yen, and U.S. dollar for the recent experience with floating exchange rates. Our approach may be interpreted as one which attempts to flesh out the missing links that arise in conditioning an exchange rate solely on relative prices, as occurs in a standard PPP analysis. In contrast to much other empirical exchange rate modeling, our approach explicitly involves the use of a current account sustainability term. Amongst the findings reported in this paper are: significant, and sensible, long-run relationships for all of the currencies studied; appealing short-run dynamics for two of the currencies; and a finding that the Japanese effective exchange rate closely tracks the long-run exchange rate defined in this paper.


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