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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References listed on IDEAS
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- 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.
- 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.
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