position through the “valuation channel” of external adjustment, namely capital gains and losses on the country’s external … assets and liabilities. We examine this valuation channel theoretically in a dynamic equilibrium portfolio model with … quantities in the definition of net foreign assets, we can characterize the first-order dynamics of both valuation effects and …

In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU …

this uncertainty was unusually high in the late 1990s. We calibrate a stock valuation model that includes this uncertainty …

stabilizing valuation effects contribute as much as 31% of the external adjustment. Our theory also has asset-pricing implications … to two years ahead and net exports at longer horizons. The exchange rate affects the trade balance and the valuation of …

randomly gave cash and in-kind grants to male- and female-owned microenterprises in urban Ghana. Our findings cast doubt on the …

This paper studies the effects of descent rules on human capital accumulation. We exploit a policy experiment in Ghana …-landed households. This evidence is consistent with the fact that before the reform matrilineal groups in Ghana "over-invested" in …