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dc.contributor.authorOberpriller, Christian M.en
dc.date.accessioned2007-08-03-
dc.date.accessioned2009-08-06T10:03:22Z-
dc.date.available2009-08-06T10:03:22Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.relation.ispartofseries|aKiel Advanced Studies Working Papers |x443en
dc.subject.jelF31en
dc.subject.jelF32en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordcurrent accounten
dc.subject.keywordexchange ratesen
dc.subject.keywordvaluation effectsen
dc.subject.keywordglobal imbalancesen
dc.subject.stwKaufkraftparitäten
dc.subject.stwUS-Dollaren
dc.subject.stwZahlungsbilanzungleichgewichten
dc.subject.stwVermögenen
dc.subject.stwBewertungen
dc.subject.stwZinsparitäten
dc.subject.stwWelten
dc.titleExchange rates and global imbalances: the importance of asset valuation effects and interest rate changes-
dc.typeWorking Paperen
dc.identifier.ppn538712465en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:ifwasw:443en

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