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Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia

Sandri, Damiano - 2011

A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to … emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in … Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the …

Persistent link: https://www.econbiz.de/10011779741

Global Imbalances : The Role of Emerging Asia

Pisani, Massimiliano - 2009

This paper investigates the role played by emerging Asia in the emergence and evolution of the global trade imbalances … limited spillover effect to the United States trade balance. In contrast, an increase in the desired level of emerging Asia …

Persistent link: https://www.econbiz.de/10014402392

The external balance assessment methodology : 2018 update

Cubeddu, Luis; Krogstrup, Signe; Adler, Gustavo; … - 2019

The assessment of external positions and exchange rates is a key mandate of the IMF. This paper presents the updated External Balance Assessment (EBA) framework-a key input in the conduct of multilaterally-consistent external sector assessments of 49 advanced and emerging market...

Persistent link: https://www.econbiz.de/10012009957

Japan's foreign assets and liabilities : implications for the external accounts

Colacelli, Mariana; Gautam, Deepali; Rebillard, Cyril - 2021

The composition of Japan's current account balance has changed over time, with an increasing income balance primarily reflecting a growing net foreign asset position and higher corporate saving. A comparison of Japan's income balance with peer countries highlights: (i) relatively high yields on...

Persistent link: https://www.econbiz.de/10012517939

Fiscal Policy and the Exchange Rate : Current Account Nexus

Kim, Jun Il - 2007

By using a simple intertemporal model of the current account, I show that the exchange rate elasticity of the trade balance would ceteris paribus be smaller for countries with higher government spending ratios (relative to GDP) and with more limited scope for private consumption smoothing. This...

Persistent link: https://www.econbiz.de/10014400784

Fundamentals At Odds? : The U.S. Current Account Deficit and the Dollar

Milesi-Ferretti, Gian Maria - 2008

The real effective exchange rate of the dollar is close to its minimum level for the past 4decades (as of September 2008). At the same time, however, the U.S. trade and currentaccount deficits remain large and, absent a significant correction in coming years, wouldcontribute to a further...

Persistent link: https://www.econbiz.de/10014401990

Competitiveness and the Equilibrium Exchange Rate in Costa Rica

Paiva, Claudio - 2001

This paper evaluates several indicators of external vulnerability and estimates the equilibrium real exchange rate for Costa Rica. While current indicators are mostly positive, declining market shares of domestic exports, the expected decline in foreign direct investment, and the desirability of...

Persistent link: https://www.econbiz.de/10014403644

Precautionary Savings and Global Imbalances in World General Equilibrium

Sandri, Damiano - 2011

assumed to differ only with respect to GDP volatility which is calibrated based on the 1980-2008 period. The model predicts a … asset holdings. While heterogeneity in GDP volatility may lead to large imbalances in international investment positions …

Persistent link: https://www.econbiz.de/10014399356

China's evolving exchange rate regime

Das, Sonali - 2019

China's exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de...

Persistent link: https://www.econbiz.de/10012009461

Patterns of foreign exchange intervention under inflation targeting

Adler, Gustavo; Chang, Kyun Suk; Wang, Zijiao - 2020

The paper documents the use of foreign exchange intervention (FXI) across countries and monetary regimes, with special attention to its use under inflation targeting (IT). We find significant differences between advanced and emerging market economies, with the former group conducting FXI...

Persistent link: https://www.econbiz.de/10012251394