| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22758 |
| 来源ID | Working Paper 22758 |
| International Financial Adjustment in a Canonical Open Economy Growth Model | |
| Richard H. Clarida; Ildikó Magyari | |
| 发表日期 | 2016-10-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Gourinchas and Rey (2007) have shown that international financial adjustment (IFA) in the path of expected future returns on a country’s international investment portfolio can complement or even substitute for the traditional adjustment channel via a narrowing of country’s current account imbalance. In their paper, GR derive this result using a log linearization of a net foreign asset accumulation identity without reference to any specific theoretical model of IFA in expected foreign asset returns or the real exchange rate. In this paper we calibrate the importance of IFA in a standard open economy growth model (Schmitt-Grohe and Uribe, 2003) with a well-defined steady level of foreign liabilities. In this model there is a country specific credit spread which varies as a function of the ratio of foreign liabilities to GDP. We find that allowing for an IFA channel results in a very rapid converge of the current account to its steady state (relative to the no IFA case) so that most of the time that the country is adjusting, all the adjustment is via the IFA channel of forecastable changes in the costs of servicing debt and in the appreciation real exchange rate. By contrast, in the no IFA case, current account adjustment by construction does all the work and current account adjustment is much slower. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w22758 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580431 |
| 推荐引用方式 GB/T 7714 | Richard H. Clarida,Ildikó Magyari. International Financial Adjustment in a Canonical Open Economy Growth Model. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22758.pdf（512KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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