Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia:
A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country o...
Gespeichert in:
1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
Schriftenreihe: | IMF Working Papers
Working Paper No. 11/46 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model |
Beschreibung: | 1 Online-Ressource (29 p) |
ISBN: | 1455218960 9781455218967 |
Internformat
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spelling | Sandri, Damiano Verfasser aut Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia Sandri, Damiano Washington, D.C International Monetary Fund 2011 1 Online-Ressource (29 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/46 A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model Online-Ausg Méjean, Isabelle Sonstige oth Rabanal, Pau Sonstige oth http://elibrary.imf.org/view/IMF001/11693-9781455218967/11693-9781455218967/11693-9781455218967.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Sandri, Damiano Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title_auth | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title_exact_search | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title_exact_search_txtP | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title_full | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia Sandri, Damiano |
title_fullStr | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia Sandri, Damiano |
title_full_unstemmed | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia Sandri, Damiano |
title_short | Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia |
title_sort | current account rebalancing and real exchange rate adjustment between the u s and emerging asia |
url | http://elibrary.imf.org/view/IMF001/11693-9781455218967/11693-9781455218967/11693-9781455218967.xml |
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