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Title:Global imbalances in a world of inflexible real exchange rates and capital controls PDF Logo
Authors:Hallett, Andrew Hughes
Martinez Oliva, Juan Carlos
Issue Date:2011
Series/Report no.:ADBI working paper series 330
Abstract: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 interaction may be affected by shifts in the preferences of investors, by the relative rate of return of different assets, and - more in general - by institutional settings. The model is then used for policy analysis purposes to derive the conditions for the existence of dynamic equilibria, and if they can be attained, under the assumption of market-distorting policy choices.
JEL:F13
F32
F34
Document Type:Working Paper
Appears in Collections:ADBI Working Paper Series, Asian Development Bank Institute

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