Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/27020
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dc.contributor.authorOberpriller, Christian M.en_US
dc.date.accessioned2007-08-03en_US
dc.date.accessioned2009-08-06T10:03:22Z-
dc.date.available2009-08-06T10:03:22Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/27020-
dc.description.abstractthis paper analyzes two effects which might have an important impact on a reduction of global external imbalances. These are valuation effects on the one hand and interest rate effects on the other hand. We use a four-region model that is based on the models by Obstfeld and Rogoff (2005) and Oberpriller (2007) to analyze the difference in the occurring exchange rate changes with and without valuation and interest rate effects under two different scenarios of narrowing global imbalances. The outcome is a reduced need for real dollar depreciation because the United States will largely benefit from valuation gains on their foreign assets while the effect that stems from interest rate changes works in the opposite direction but is not as strong as the valuation effect. The magnitude of valuation and interest rate effects reduce the need for real exchange rate depreciation by two to four percentage points.en_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen_US
dc.relation.ispartofseries|aKiel advanced studies working papers|x443en_US
dc.subject.jelF31en_US
dc.subject.jelF32en_US
dc.subject.jelF41en_US
dc.subject.ddc330en_US
dc.subject.keywordcurrent accounten_US
dc.subject.keywordexchange ratesen_US
dc.subject.keywordvaluation effectsen_US
dc.subject.keywordglobal imbalancesen_US
dc.subject.stwKaufkraftparitäten_US
dc.subject.stwUS-Dollaren_US
dc.subject.stwZahlungsbilanzungleichgewichten_US
dc.subject.stwVermögenen_US
dc.subject.stwBewertungen_US
dc.subject.stwZinsparitäten_US
dc.subject.stwWelten_US
dc.titleExchange rates and global imbalances: the importance of asset valuation effects and interest rate changesen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn538712465en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:ifwasw:443-

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