Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/152639 
Autor:innen: 
Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
ECB Working Paper No. 205
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We develop an N-country model with stock markets in which closed-form solutions for the real exchange rate is derived. Our model allows for a given number of risky-assets, which form an incomplete market. Risky asset prices and allocations of risky assets among countries are determined endogenously. The risk-free rate is exogenous, so our model is an intermediate step toward a full general equilibrium. To work in such a framework allows an analysis of how fundamental parameters, such as the variance and covariance of the risky assets or demographic variables, affect the real exchange rate. We contrast the predictions of the model to the Balassa-Samuelson effect. We also suggest a new transmission channel of the real exchange rate for parameters such as income on net foreign assets, risk-aversion and risk-hedging opportunities.
JEL: 
F30
F31
F32
F41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
439.35 kB





Publikationen in EconStor sind urheberrechtlich geschützt.