Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/74543 
Year of Publication: 
2013
Series/Report no.: 
Kiel Policy Brief No. 61
Publisher: 
Kiel Institute for the World Economy (IfW), Kiel
Abstract: 
This Kiel Policy Brief demonstrates the calculation of a new stock market index informing about the price competitiveness of a country's assets vis-à-vis its foreign competitors. In line with the portfolio balance approach we empirically identify net foreign holdings of a country's assets as the long-run driver of the index dynamics. Both, the index and its fundamental value are discussed for a number of important economies shading new light on the relative assessment of financial assets on international capital markets.
Subjects: 
Real Effective Exchange Rate
Capital Flows
Financial Markets
JEL: 
F31
G15
E58
Document Type: 
Research Report

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