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Exchange Rates and Global Rebalancing

  • Eichengreen, Barry

    (Asian Development Bank Institute)

  • Rua, Gisela

    (Asian Development Bank Institute)

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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Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 278.

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Length: 48 pages
Date of creation: 13 Apr 2011
Date of revision:
Handle: RePEc:ris:adbiwp:0278
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  1. Leo de Haan & Hubert Schokker & Anastassia Tcherneva, 2006. "What do current account reversals in OECD countries tell us about the US case?," DNB Working Papers 111, Netherlands Central Bank, Research Department.
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