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The Transfer Problem Revisited

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Author Info

  • Gian-Maria Milesi-Ferretti
  • Philip R. Lane

Abstract

The relationship between international payments and the real exchange rate—the “transfer problem”—is a classic question in international economics. We use new data on countries’ net external positions together with real exchange rate data to shed light on this question. We present a model yielding testable implications on the long-run co-movements of real exchange rates, external positions, relative GDP and terms of trade, and cross-country and time-series evidence on the subject. Countries with net external liabilities are found to have more depreciated real exchange rates, with the main channel of transmission working through the relative price of nontraded goods.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/123.

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Length: 38
Date of creation: 01 Jul 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/123

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Postal: International Monetary Fund, Washington, DC USA
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Related research

Keywords: Real effective exchange rates; Terms of trade; exchange rates; exchange rate; real exchange rate; foreign assets; net foreign assets; real exchange rates; foreign asset; net foreign asset; foreign exchange; net foreign asset position; foreign asset position; exchange restrictions; real effective exchange rate; effective exchange rate; foreign asset positions; net foreign asset positions; foreign exchange reserves; exchange reserves; nominal exchange rate; exchange arrangements; exchange rate adjustment; foreign exchange restrictions; exchange rate data; capital flows; international financial; current account balance; exchange rate behavior; international financial statistics; real exchange rate changes; exchange rate changes; real exchange rate behavior; trade patterns; multiple exchange rates; global development finance; effective exchange rates; exchange rate policies; international investment; exchange rate dynamics; official exchange rate; exchange rate determination; multiple currency practices; trade partners; real exchange rate fluctuations; exchange rate regime; capital markets; exchange markets; nominal exchange rates; exchange rate flexibility; international finance; foreign exchange markets; real exchange rate dynamics; foreign investment; exchange rate fluctuations; multilateral real exchange rate;

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