Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/100074 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1945
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
Foreign exchange rates, asset prices and capital movements are expected to be closely related to each other as international capital markets become more and more integrated. This paper provides new empirical evidence from an index of exchange-rate adjusted cross-country asset price ratios, which may be interpreted as a real effective financial exchange rate. The integrated stock-flow approach reveals that a county's real effective financial exchange rate is co-integrated with international investors' net foreign holding of its assets. The associated error correction equations have useful interpretations against the backdrop of uncovered return parity and investor portfolio rebalancing behavior.
Schlagwörter: 
Real Effective Exchange Rate
Capital Flows
Financial Markets
JEL: 
F31
G15
E58
Dokumentart: 
Working Paper

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