Arbeitspapier
Real financial market exchange rates and capital flows
Foreign exchange rates and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. To account for this fact we construct an index of real effective exchange rates as a weighted average of cross-country asset price ratios. The empirical analysis reveals that a country's real financial effective exchange rate is cointegrated with net foreign holdings of its assets. Comparing the empirical performance of the new index with a standard effective exchange rate deflated by goods prices we find that only the former exhibits an influence on the international flow of capital.
- Sprache
-
Englisch
- ISBN
-
978-3-86558-989-7
- Erschienen in
-
Series: Bundesbank Discussion Paper ; No. 50/2013
- Klassifikation
-
Wirtschaft
Foreign Exchange
International Financial Markets
Central Banks and Their Policies
- Thema
-
Real Effective Exchange Rate
Capital Flows
Financial Markets
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gelman, Maria
Jochem, Axel
Reitz, Stefan
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsche Bundesbank
- (wo)
-
Frankfurt a. M.
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gelman, Maria
- Jochem, Axel
- Reitz, Stefan
- Deutsche Bundesbank
Entstanden
- 2013
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