Arbeitspapier
Relative price levels and current accounts: An exploration
This paper studies the links between current accounts and relative price levels, finding that current account changes are associated with sizable future relative price levels effects. This is done in panel regressions of the Penn effect, adding a lagged current account/GDP and other explanatory variables. Higher GDP/capita and a greater export share of manufacturing tend to mitigate the real exchange rate impact of lagged current accounts. Active management of current accounts may provide a powerful adjustment channel, mitigating the real exchange rate effects of volatile terms of trade, and may explain the growing proliferation of Sovereign Wealth Funds.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Paper ; No. 643
- Klassifikation
-
Wirtschaft
Economic Integration
International Investment; Long-term Capital Movements
Current Account Adjustment; Short-term Capital Movements
- Thema
-
Current Account
Relative Price Levels
Real Exchange Rate
Sovereign Wealth Funds
Leistungsbilanz
Preisniveau
Kaufkraftparität
Zahlungsbilanzmechanismus
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Aizenman, Joshua
- Ereignis
-
Veröffentlichung
- (wer)
-
University of California, Economics Department
- (wo)
-
Santa Cruz, CA
- (wann)
-
2008
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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Objekttyp
- Arbeitspapier
Beteiligte
- Aizenman, Joshua
- University of California, Economics Department
Entstanden
- 2008
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