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Exchange Rates and Global Rebalancing

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  • Barry Eichengreen

    (Asian Development Bank Institute (ADBI))

  • Gisela Rua

Abstract

This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the response of imbalances and real exchange rates to shocks. Finally, it analyzes the characteristics of episodes in which chronic current account surpluses (as opposed to deficits) come to an end.

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File URL: http://www.eaber.org/node/23258
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Bibliographic Info

Paper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 23258.

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Date of creation: Apr 2011
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Handle: RePEc:eab:financ:23258

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Web page: http://www.eaber.org
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Related research

Keywords: exchange rates; Global rebalancing; Obstfeld-Rogoff model; chronic current account surpluses;

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  1. Leo de Haan & Hubert Schokker & Anastassia Tcherneva, 2008. "What Do Current Account Reversals in OECD Countries Tell Us About the US Case?," The World Economy, Wiley Blackwell, vol. 31(2), pages 286-311, 02.
  2. Laurenceson, J. & Qin, F., 2005. "China's Exchange Rate Policy: The Case Against Abandoning the Dollar PEG," Discussion Paper 2005-70, Tilburg University, Center for Economic Research.
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Cited by:
  1. Levy, Philip, 2011. "The United States and the PRC: Macroeconomic Imbalances and Economic Diplomacy," ADBI Working Papers 328, Asian Development Bank Institute.

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