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The Valuation Channel of External Adjustment

Jaewoo Lee

出版	International Monetary Fund, 2009
URL	http://books.google.com.hk/books?id=3IzizwEACAAJ&hl=&source=gbs_api

註釋

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 consumption risk sharing when financial markets are incomplete.