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Title:Exchange rates and global rebalancing PDF Logo
Authors:Eichengreen, Barry
Rua, Gisela
Issue Date:2011
Series/Report no.:ADBI working paper series 278
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.
JEL:F0
F3
F4
Document Type:Working Paper
Appears in Collections:ADBI Working Paper Series, Asian Development Bank Institute

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