The Role of Stock Markets in Current Account Dynamics: A Time Series Approach
This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of a representative agent. Formally, the model can be seen as a stock market-augmented v...
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2004
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Schriftenreihe: | IMF Working Papers
Working Paper No. 04/50 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of a representative agent. Formally, the model can be seen as a stock market-augmented version of the ""fundamental equation of the current account"" popularized by Jeffrey Sachs. It appears to shed light on recent developments in the U.S. current account deficit. The model also shows how the current account may help predict future stock market performance and/or endowment streams |
Beschreibung: | 1 Online-Ressource (30 p) |
ISBN: | 1451847009 9781451847000 |
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spelling | Mercereau, Benoît Verfasser aut The Role of Stock Markets in Current Account Dynamics A Time Series Approach Mercereau, Benoît Washington, D.C International Monetary Fund 2004 1 Online-Ressource (30 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 04/50 This paper develops a simple model to study the impact of stock markets on the current account. A closed-form solution for the current account is derived from the optimal portfolio and consumption/saving choices of a representative agent. Formally, the model can be seen as a stock market-augmented version of the ""fundamental equation of the current account"" popularized by Jeffrey Sachs. It appears to shed light on recent developments in the U.S. current account deficit. The model also shows how the current account may help predict future stock market performance and/or endowment streams Online-Ausg http://elibrary.imf.org/view/IMF001/07289-9781451847000/07289-9781451847000/07289-9781451847000.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Mercereau, Benoît The Role of Stock Markets in Current Account Dynamics A Time Series Approach |
title | The Role of Stock Markets in Current Account Dynamics A Time Series Approach |
title_auth | The Role of Stock Markets in Current Account Dynamics A Time Series Approach |
title_exact_search | The Role of Stock Markets in Current Account Dynamics A Time Series Approach |
title_exact_search_txtP | The Role of Stock Markets in Current Account Dynamics A Time Series Approach |
title_full | The Role of Stock Markets in Current Account Dynamics A Time Series Approach Mercereau, Benoît |
title_fullStr | The Role of Stock Markets in Current Account Dynamics A Time Series Approach Mercereau, Benoît |
title_full_unstemmed | The Role of Stock Markets in Current Account Dynamics A Time Series Approach Mercereau, Benoît |
title_short | The Role of Stock Markets in Current Account Dynamics |
title_sort | the role of stock markets in current account dynamics a time series approach |
title_sub | A Time Series Approach |
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