Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls
This paper addresses the issue of international payments in a stock-flow framework, by capturing the interaction between the current account balance and international assets portfolios of domestic and foreign investors. It is argued that the stability of such interactions may be affected by shifts in the preferences of investors, by the relative rate of return of different assets and -- more generally -- by institutional settings. The model is then used for policy analysis purposes in order to derive the conditions for the existence of dynamic equilibria, and if they can be attained, under the assumption of various market-distorting policy choices.
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Volume (Year): 41 (2012)
Issue (Month): 4 (December)
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- Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The revived Bretton Woods system," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 9(4), pages 307-313.
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- Atish R. Ghosh & Jun I. Kim & Enrique G. Mendoza & Jonathan D. Ostry & Mahvash S. Qureshi, 2013.
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- Andrew Hughes Hallett & Svend Jensen, 2011. "Stable and enforceable: a new fiscal framework for the Euro area," International Economics and Economic Policy, Springer, vol. 8(3), pages 225-245, September.
- Maurico Obstfeld, 2004. "External adjustment," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 140(4), pages 541-568, December.
- Maurice Obstfeld, 2004. "External Adjustment," NBER Working Papers 10843, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice, 2004. "External Adjustment," Center for International and Development Economics Research, Working Paper Series qt7bw468wx, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
- W. Max Corden, 2011. "Global Imbalances and the Paradox of Thrift," Melbourne Institute Working Paper Series wp2011n20, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
- Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries," NBER Working Papers 10332, National Bureau of Economic Research, Inc.
- Andrew Hughes Hallett & Juan Martinez Oliva, 2012. "Reducing Global Imbalances: Can Fixed Exchange Rates and Current Account Limits Help?," Open Economies Review, Springer, vol. 23(1), pages 163-192, February. Full references (including those not matched with items on IDEAS)
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