This article examines the effects of increased capital market integration on Australia's external liabilities, total assets and national wealth using an inter-temporal approach. Stylised national balance sheets-then provide summary statements of how these aggregates changed following the...

Unexpected inflation, disinflation or deflation cause arbitrary income transfers between an economy's borrowers and lenders. This redistribution results from distorted real interest rates that are too high when price level changes are over-predicted and too low when they are under-predicted....

This paper develops a new international monetary framework for analysing the domestic and international repercussions of China’s exchange rate policy in the context of its rapid development. This straightforward framework reveals that misalignment of the yuan against major currencies...

Examines the effect of domestic inflation on recorded measures of the current account of the balance of payments. When domestic inflation is relatively high, it distorts conventionally measured current account deficits. This is because part of the recorded servicing payments on external...

This paper argues that a total approach to macroeconomic stock estimation is necessary when assessing the overall significance of a nation's foreign debt level. In an increasingly integrated global economy, changes in national wealth—the difference between the value of internationally...